Evening star., 1921-08-30
HEAVY MATUR|T|ES
WITH SEPTEMBER Is
Certificates, Tax and Loan
Amounting to s537, 600, 900
Due Then-NoteS.
BY +, A. FLEMING.

After Thursdays Withdrawals from
national hanks credits arising from
the sale of Treasury certihcates theIe
viii still remain in the banks 10 on sne
credit Of the Treasury aoou' Si'''
| 00O. 900. .oo
Thursdays call will be for 80
100000.
At the rate of recent calls the
credits in the banks should see .ne
Treasury through the hrst Two Msens
N September, hence no announcement
nf 6rnncinr through note or certlh-
| cate issue is anticipated
September Is will call for llberal
financial operations. as on tnat ua.e
si96.OO0.OOO certificates mature IN au-
dition to s3lI. 100000 tax certincates'
| "A large part of which will unques.
tionahIy be turned in in payment OF
the third quaterly installment OF IN :
come and excess profits taxes put
provision will have to be MADE 1or
1t is expected that Secretary Mellon
/ will do at least a part OF this
Financing in the form of notes JUST
what the interest rate Will oe on lne
new notes, if issued. or certlncateS
is not known but if the reserve bank
discount rates are not lowered it is
an opeu question whether an effort
will he made to lower the rate from
ih. last previous fiotation, 5l2 per
cent.
~
funds il may need at that rate. al
though considerable more cash is
finding its way into stock and bond
/ Investments.
NCurtntiing Foreign Credit Companies.
Dissolution of the Foreign Credit
Corporation marks the third with
'frawal of three trade aids, so called,
from the foreign field
Early last May the Guaranty Trust
company sold to the Banca Disconto
"f Rome its half-interest in the
l. Sl9."90.00 Italian Discount Trust Co.,
which had acquired deposits of over
/, ; 10000 600 with S1.0O0.00 capital.
The Guaranty Trust Company also
frovid>d $5.OO0.O00 for the Foreign
credit Corporation. established after
the arHIistice to care for the overflow
OF business net profit of 100000
Vill he shown. in addition to the
capital and S5.000.OOO surplus
Stockholders in that corporation in
Guided the Chase National. Central
Union Trust and Liberty Securities
Company of New York: Shawmut
Corporation of Boston. and the Phil
adelpissH National Bank.
Bank rs seem inclined to withhold
!ehdinS@ 20 Europe. and the trend is
toward withdrawal from that field
OF other finance corporations.
IA indications point to the failure
Tor the time being at least, of the
proposed 500. 900. 900 Edge law bank.
backed and cordially sponsored by
the American Bankers Association.
efforts toward it's organization hav-
ing ceased.
Cutting Down Loans.
The National City Bank of New
York carried loans at the Federal Re
serve Bank of s142.270,O00 at the close
vi last year During the first six
months of this year it reduced it's
loans to $56.693,000. The Guaranty
Trust Company. reduced it's interest
the same period from s141, ,463, 900 to
S24,9o3.O00. National Bank of Com
merce wiped out S115,S0S. 900 of loans.
and very many of the smaller insti-
tutions have cleaned their slate with
the Federal Reserve Bank or have
made great reductions.
rms all marks an improvement in
trade conditions as to the payment of
business loans.
1t looks very much as if the Fed
eral Reserve Board was maintaining
discount rates where they are that
there might be no further increase in
borrowing from member banks dur
ing the completion of adjustments
how rapidly going on.
Personal Mention.
Riggs National Bank, set the pace
for the return of the Poland Springs
vacationiSts. Edward j. StellWAEen
tpresident of the Union Trust Com
pany. will be at his desk tomorrow,
and F. j. Henry will return Thursday.
Local Securities.
On today's session of the local ex-
change $1,000 debenture IS of the Po-
tomac Electric Power Company sold
al 95, and % shares of Capital Trac-
tion at Soh.