Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-12-27
.HEAVW|THDRAWAL
OF TREASURY
S85, 600, 900 From December
Certificate Proceeds-Rec-
ord Foreign Trade in 1920.

The Secretary OF tho Treasury thts
morning called upon all banks hold
ing government deposits arising from
| the sale of Treasury certificates OF
the December Is, 1890, issue to pay
into the federal reserve banks 70 per
cent of the balance on hand not later
than tomorrow.
A week ago the first call was made
100000. Today's call is for $685.
600. 900, making in all $3.50, 600. 600
withdrawn since December Is.
Bankers expected to be able TO
keep the fund intact at least through
out the month. but the needs OF the
government are e1acting and there
are evidently uses for the money.
Fortunately. other than for the
needs of corporations making up
dividends and interest payments for
money at this time and the with
drawals will not have any material
effect on the money market.
Light Business ut Banks.
Business at the various local banks
was extremely light this morning.
Most of the pay rolls were made up
Friday and nearly every one supplied
year.
Coupons are being presented for
collection in large numbers and will
he during the balance Of the week.
when the January disbursements will
mark a rush of deposits and prepara-
lions for the work Of the new year.
Farmers Heavy Borrowers.
Gov. Harding Of the federal reserve
board has sent a letter to Senator
Gronna, chairman of the Senate agri-
cultural committee, in which he calls
attention to the fact that the paper
discounted by federal reserve banks,
based on production and sale Of farm
in 1919 to $1.9S0.063. 900 in 1920.
These figures do not represent the
borrowings from non-member banks.
although member banks have been
leading large amounts through nom
member banks.
In closing his letter to Senator
Gronna. Gov. Harding says:
1T should be borne in mind also
that the total amount Of farmers
notes rediscounted by federal reserve
banks gives no indication Of the
amount advanced by the reserve
sale of farm products, since large
amounts advanced to member banks
in other districts on commercial and
Industrial paper are used by these
banks for loans to agricultural in
tereStS.
Nor does the amount of loans as
indicated include any rediscounts for
agricultural purposes, as that bank
does not classify it's loans according
to Industries served.
St Louis is the heaviest lender for
agricultural purposes, the totals there
for 1920 being over one-third of the
total Richmond made loans Of $685.
100000, which was the second largest.
Chapter Activities AdtsarneA.
All activities of the Washington
Chapter. A. I. B., have been postponed
during the current week and over the
holidays.
New Record In Foreign Trade.
Tho foreign trade Of the United
states makes q new high record" in
1929. The record OF eleven months
and the knowledge Of what 10 goinE
on in the foreign trade In the twelve
months justices. says . statement by
tho National City Bank Of New York,
the belief that our foreign trade in
the calendar year 1890 win be "the
900, as against q little less than Sl2.-
0oo, 5000 In 1919. slightly more than
ls9. 0oo. 0o0.0eo in 1913. and $l,25s, 0o0,-
400 in the FISCAL year 1914. Exports
will apparently coss the 50. 600. ooe,-
1879 sG. line as sss ms .sS in
preceding the war. while imports will
exceed $1,000, 900, 900. as axainst So
s04,000.000 in 1913 and $l,ss4, 900, 900
in the fiscal year 1914.
Easier Tread In Loeals.
While there was NO very important
change in the matter Of prices for
local securities. there was an easier
trend, readily attributable to the CON.
dition Of the New York stock market.
which again gave way under bear pres
sure.
Capital Traction shares. despite
their per sent dividend and rood
outlook. made q new low on this move
ment at S1x.
Washington Gas started at - and
closed at 3sx. These two were the
only stocks sold
In the bond section Traction 81
brought Ssh Railway Is, So, and
Washington Gas So, Is.
DfviAenAs Declared.
Directors Of the National CAPITAL
Bank of Washington have declared
the regular semi-annual dividend OF
per cent. payable January 1, books
closing from December "a to January
2. inclusive.
A quarterly dividend Of 2 Der cent.
the regular distribution, was declared
by the directors Of the American Ma
tional Bank. payable January :. books