Evening star., 1921-09-07
CERTIFICATES MAY
Be PAID THURSDAY

Redemption-George N.
Reynolds Interview.
BY L A. FLEMING.
Secretary Mellon announces that he
has authorized Federal Reserve banks
to redeem on and after Thursday. Sep
tember 8, and until further notice, at
The holders option, at par and interest
to date of optional redemption. Treasury
certificates Of Indebtedness OF series
TS-1921. dated September Is. 1920. and
series TS-2-1921, dated March 10. 1s21'
both maturing September Is. 1921.
OF the first named issued there are
outstanding $341. 1858. 500, receivable Tor
xes; these are per cent ceruncates.
the second issue there are outstand-
hg $193,3O2,00 This issue bears 5h
per cent interest
1t is within the possibilities that a call
may be made for part or all credits with
national banks, within the next Few
hours.
Joining Clearing House.
The Washington Clearing House
Association is growing stronger daily
through the addition OF assoclateo
members. a drive in that direction
being now under way.
At the last meeting the BANK o.
Commerce and Savings was admitted
Ito associate membership. clearing
\through the Lincoln National Bank:
ythe Washington Savings Bank joined
Clearing through the National Metro
politan Bank; the Anacostla BANK ana
the Northeast Savings Bank also join:
ed. both using the American National
for clearance OF checks.
There are a number OF savings
banks that have long enjoyed assoc
ciate membership and some still out:
The clearing of checks via the local
clearing house gives a bank a strong
er appeal to depositors.
George M Reynolds Gives Interview.
George NJ. Reynolds. president OF the
Continental Commercial National
Bank Of Chicago has been interview
ed, this time by Marco H. Hellman.
representing the Los Angeles bankers
in charge Of the approaching conven-
tion of the American Bankers Asso-
citation.
Mr.. Reynolds said.
wholesome optimism that Is typical
of Californians. There is no better
medium for radiating this quality OF
hope and courage than the American
Bankers Association, which will hold
its annual convention in the decidedly
city of Los Angeles in October.
There are weighty subjects before
the business world. Having gone so
far through the inevitable period of
liquidation; wholesale prices having
dropped to what appears to be halt
ing place for the present; liquidation
of indebtedness having proceeded
with such strides and so little dis
aster, comparatively, one OF the
weighty questions for the banker and
business man is. What next?
II have not seen the list of speak
ers or topics. but it is not unlikely
that many of the serious discussions
at the coming meeting will be di-
rected toward answering this ques-
. ton. This much = certain, leading
ent, and somE of whom will be on the
program; are close studeats of affairs
at all times. ThiA is especially true
now. They will have much to say
that will be of vital interest, much
that ought to help shape the policy Of
sane channels during the next twelve
months.
"The convention ought to prove to
be a great open forum where some
and economics will give delegates
the benefit Of their observations and
analyses of the problems that re-
main to be. solved as we get back
TO norman. Inc tlme Is pIoPiiiouS ioi
a memorable and tremendously help
Los Angeles will be the magnet
that will draw bankers In October.
All who go will gain much fnforma-
genuine and refreshing hospitality:
and I hope they will return more con-
WINGED than ever before that America
is the richest of the family Of ma
tions; that for the time. at least. we
are past the worst Of the readjust-
ment struggle; that this years crops.
generally good and produced at low
cost. will help to revive trade. and
that more courage in business Is
Justified"
Local Securities.
Considerable activity marked to-
days session of the local stock
exchange. Bonds continue to feature
the trading. the steady advance in
/ the New York market having a
stimulating effect on local utility
. bonds. which have ever been favor
Rites here.
Potomac Electric general IS sold
at 961s, Railway 4s at 611a and the
71a per cent notes of the Washing
ton Gas Co. at 102k.
In the stock list Railway pre-
.ferred brought Sc. Capital Traction
was active in small way at 81, and
Washington Gas shares brought IS.
No Call Yet.
Forms for a call from the Office Of
the controller of the currency have
been in the hands Of the banks since
Friday last. but still no call.
1t was the general opinion before
the recent holidays that the date OF
the call would be August 80. Now,
however. a later date is expected.
1t is interesting to note that but
-four times in the last twenty-one
years has the controller Of the cur
rency called for a statement Of con-
dition on an August date.
Another year may be added If the
expected call comes for a September
date.
South Dakota Bonds.
The loal office of the Guaranty Com
pany of New York announces: THE
firm tone which the municipal mar
ket has shown recently is well illus
trated by the announcement that the
syndicate handling the South Dakota
state bonds has advanced the price
for the unsold portion of the issue to
104&.
These bonds are twenty-year 6 per
cent, and at the present asking price
will yield $50 per cent"
MONEY AND EXCHANGE.
NEW YORK. September Prime
mercantile paper, 6a6A: exchange
strong; sterling 60-day bills and COM
u