Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-08-31
TREASURER CALLS
FOR CASH PAYMENT
Banks Ordered to Send in 40
Per Cent Last Ger
tificate Sale.
BY I. A. FLEMING.

The Treasury this morning called
for the payment, not later than Sep
TENDER 2, of 40 per cent of the pro-
ceeds of the sale of Treasury GER
tifcates bearing date of August Is.
held by banks to the credit OF the
war fund.
This will be the first payment made
: on account of this issue and will un-
auestionably draw heavily on the de-
posits of local banks as the greater
part of the certificates sold in this
city was for investment account OF
depositors. rather than for the &C
count of banks, as most OF the pre-
vious Treasury certificate sales have
been.
Some of the leading institutions in
the city did not subscribe to the last
issue of certificates at all, While
others made good their intention to
buy some of all issues.
1t is probable that Washington
banks will lose close to S1.200.OOO in
cash through this call, nor is it likely
that the banks will be allowed to
keep the remaining so per cent OF the
proceeds of the sale for any material
time.
Bankers hard hit by the loss of cash
will be further disappointed by the
call for the cash, as it will probably
precede the call for statement OF
condition by the controller of the cur
rency by very few day. to the fur-
Their emphasizing of the loss in de-
posits.
While no report has been made of the
amount of the last issues of certificates
allotted to Washington, opinions of good
judges believe an estimate of 81. 600
among the forty-edd institutions as
about right, with s1.600.000 taken by
two institutions for investment by de-
positors.
Joins Old Established Firm.
John Floyd Cissel will become a gen.
eral partner in the old-establshed in
vestment banking firm of Crane, Paris
& Co. tomorrow.
Mr.. Cissel returns to Washington.
where he has many acQuaintances, after
q period of activity with the Metropoli-
tan Trust Company, where he held the
position of auditor and also served as
acting vice president.
He was formerly a national bank ex-
aminer for the District of Columbia and
is therefore well known to all the local
banking fraternity.
The members of the firm of Crane,
Paris & Co. are George Hewitt Meyers.
Eugene E. Thompson, John F1oyed Cis-
sci and w. j. Boothe.
present location to offices adjoining
the Liberty National Bank on the south,
on 18th street.
Mr.. Cissel has specialized in invest
ments. and with his large personal
friendship should be able to add ma
tefiaily to the business Of his firm.
General Business Situation.
The federal reserve bank of Rich
mond has just issued a circular on
business conditions in the fifth re-
gional district. We quote:
The outstanding feature Of large
number of reports reaching us this
month is a feeling of confidence and
optimism in the basic soundness of
general conditions 1t is hard to lay
q finger on definite developments to
justify this opinion, but the fact
stands out clearly that both mer-
chants and manufacturers have al
most entirely lost the tendency, so
much in evidence a few weeks ago, to
predict a crash. Merchants have
caught their breath after their scare
in April, which stampeded them into
making preparations to do business
on smaller margins than has been the
fashion in recent years.
COLLECTIONS are reported as fairly
good. there being little complaint of
actual loss by retailers or manufac-
tprers. Some merchants are meeting
their obligations slowly. but the pub
cording to reports sent in from big
retail establishments.
Bank clearings show steady in
crease. the labor situation is slowly
but surely clearing up" y.
A study of merchandising in the
big cities of the district, as contained
In the report. shows net sales increas-
edaless in Washington in July of this
year than in Baltimore or Richmond.
our gain being but per cent. where
aS Baltimore gained q and Richmond
70 per cent, but the Baltimore mer-
chants were caught with 60.4 per cent
more goods on hand in July than for
the same month last year, and WASH
1ngton merchants had but 32.4 per
cent more.
Moreover Washington stocks were
smaller in July than in June, whereas
baltimore showed an increase Both
Richmond and Washington retailers
were not adding to stocks at the end
Of July.
The Day in Locals.
There was considerable activity in
the local stock list, with Railway pre-
advance to 48. Washington Gas eased
on to AN after the first sale of the
session at AZ.
Capital Traction shares steady at
ssh very little doing.
feature of the session was the sale
Or Firemen's Insurance shares, forty
IN all. at 81. 20k and 20, the stock
rarely showing on the sales sheet.
Money Market.
The heavy drafts for the credit of
the government on the funds in the
banks. together with the usual trans
Ter of funds in settlements. etc, for
September. have caused a further
tightening of the money market.
Disbursements in Washington are
not
than by the government in liquida-
ton of labor account. Banks hope
to garner more than the average of
the savings today and tomorrow from
the army of government employees.
Only the most urgent essential de-
mands for accommodations are being