Evening star. [volume] (Washington, D.C.) 1854-1972, 1921-02-01
RA|LSWERE UNDER
|. SELL|NCPRESSURE
Talk of the Day Concerning
Business and Outlook Civ
en- Consideration.

BY l. A. FLEMING.
National banks received call from
the Secretary of the Treasury to pay
into the reg ional banks by Thursday
Of this week 20 per cent of the bal
ance on hand to the credit of the
government arising from the sale OF
Treasury certificates of January Is
1921. These calls are coming with
unusual frequency, seemingly indi'
eating that income tax payments sc
far have not been of any considerabls
volume.
Today's call is for S35.460.00O.
There seems to be small chance foE
February Is to pass without another
issue of certificates. II an issue is
fioated it will be at sig per cent. as
indicated by Gov. Seay in his letter
TO local banks yesterday.
Waldo Newcomber, president of the
baltimore Clearing House Associa-
ton and also of the National Elk
change Bank. offered two reasons fol-
the opposition to the proposed new
coin-first. there was no call for it
present coinage serving the needs OF
the people. and. second, because the
coin-counting machines in general
use in banks. were not made with a
view of caring for tWo-cent pieces
He declared it would cost thousands
of dollars in changing the counting
machines Of banks and corporations
Draws Out $35,46O.OO0.
Trading on the local stock exchange
Prices show no changes worthy OF
special notice. Today's sales were at
81 for Capital Traction SIS. Washing
~ e. n-A-
mac Electric Consolidated So, while
Lanston sold at IS. Capital Traction
at s4s4. and Union Trust shares at
40.
Denmark Bonds
The National City Company market
ed an issue of $15.o00.000 Denmark
twenty -five-year s per cent bonds yes
terday. The issue is really the bonds
of twenty nine municipalities in Den
mark, guaranteed by the government
A sinking fund provision provides for
the retirement of 100000 annually
for the first five years and $650.00C
during the remaining period.
Protest :-Cent Coin.
The Baltimore Clearing House AS
ISOLATION has gone on record in official
protest against the proposed coinage
of the 2-cent piece. on account of its
size The secretary was instructed to
forward the views of the association
to Albert Vestal, chairman of the com
mittee Of the House on coinage.
Railway Company Pays Interest.
The Washington Railway and E1ec-
trio Company today paid the regular
semi annual interest on the $1.750.00
City and Suburban SIS. Over a year
ago the company took advantage OF
the grace provision in the mortgage
allowing ninety days leeway, and on
the next semi-annual maturity did the
same thing. The prompt payment OF
the interest today and last fall is a
reflex of the stronger position Of the
local company.
Not a Borrower.
The Richmond Federal Reserve
Bank announces that it is no longer
a borrower, having paid off all debts
to regional Institutions.
This is an Indication of 1essened
demand for credit accommodations in
this district.
Trust Company Reports.
The Washington Loan and Trust
Company enjoyed profitable bust
ness during the year 1920. the pamph-
let report just issued, showing that
the gross profits for the year were
$853,314.45, as compared with $780,
821.4O the previous year. The gross
expenses for 1920 were $574,796.S1
leaving net earnings of 27.8 per cent
for the year on the capitalization OF
81. 100000.
Total deposits December 81. 1920
were s1O,65s,755.75. December 81
1910. the total deposits were S6,035,-
744.62. The company has $3.50 ac-
counts on it's books, gain OF TO fol-
the past year.
held 2O.31 per cent average cash re-
serve and with call loans, which are
Immediately available. 42.1 per Cent
reserve. With call loans and bonds
included the percentage of reserve on
hand would be increased to 60.64.
The total volume of business for
1920 was $79,976,00714.
John B. Larner, president of the
Washington Loan and Trust Company
in his report details the workings OF
the savings, trust, real estate and
safety deposit vaults departments and
the Increased revenue from each. In
referring to the foreign department
the statement is made that "the vol
ume of business in 1920 was $4,000.
600"
One feature of the report seems ia
call for special mention. 1t is not
often that an official of a. corporation
with nearly 100000 IN loans out
standing can say in his annual report
There have been no losses on any
loans made in 1920"