Evening star., 1916-01-09
Government Bond Retirement.

Attention is called to the fact that on
and after December %. 1915. national
banks may submit applications to sell
their bonds under circulation account
at par. in accordance with the provi-
sions Of the federal reserve act. The
application should be addressed to the
treasurer Of the United States and
should be accompanied by certified copy
Of the bank authorizing the with
drawal of the bonds. together with
treasurer's receipt covering them.
The necessary forms will be mailed
direct from the Treasury Department
upon request. March 81, 1915. and at
the end of each quarterly period there
after, the treasurer Of the United
States will transmit to the federal re-
serve board and to the controller of
currency lists Of all such applications
that have been received at least ten
days before such date.
The federal reserve board will advise
the treasurer Of the United States and
the controller of the currency of the
bonds allotted to each federal reserve
bank. Upon receipt of notice of such
allotments the treasurer of the United
States will call upon the federal re-
serve bank or banks required to pur-
chase the bonds to deposit lawful money
of the United States with the treas
urer of the United States or an assist
ant treasurer for the par value and
accrued interest of the bonds in Ques-
ton. Accrued interest will be COM
puted to include the date on which law
full money covering the purchase price
is deposited. Upon receipt OF any such
deposits the treasurer of the United
States will assign the bonds to the fed
eral reserve bank to which they have
been allotted by the federal reserve
board and will deliver them to the Sec
rotary Of the TREASURY
Financial Notes.
1t is understood that Lackawana
Steel will go into the proposed con-
solidation with the Cambria Steel Com
pany and the Youngstown Sheet and
Tube Company at $50 a share. Present
conditions in Youngstown might void
negotiations.
The Commercial National Bank of
this city gave per cent bonuses to
all employees on their salaries for the
year 1915.
studebaker profits are said to be
about 80 per cent on the common
stock, the actual net earnings for the
calendar year 1915 being $12.000.000.
but some important charges were made
for depreciation and to retire more OF
the preferred fund than provided for
by the sinking fund.-
The gathering of American securities
continues throughout Great Britain IN
exchange for bonds or cash, and the
equilibrium on this side of the ocean
is steadied by the liquidation.
No figures have been presented as
yet regarding the returns from the
fifth call made by the controller Of the
currency during 1915. Usually one
batch of aggregate figures OF all ma
tional and member of the reserve sys-
tenn banks are compiled and made pub
lie before another call"
Officers, directors and employees of the
Second National Bank were the guests
of Samuel J. Prescott. vice president OF
the institution. at a dinner last night at
the Continental Hotel. 1t was an informal
affair. at which every member of the
Second National family had an oppor-
tunity to get better acquainted.
Robert G. Wall spoke on business eff
cheney, this being the only formal address
of the evening. There were about forty
members Of the official family Of the
Second National Bank present.