Evening star., 1921-06-01
CALLS ON BANKS
'FF FORN5,9)Q,0()D
Heavy Treasury Operations
Strengthen Money Market.
In; Local Stocks Slow.

Ou CiI9utOsl, uISssOy "os N0ss
ts, Local Stocks Slow.
- BIZ Z A. FLEMING.
Secretary Mellon this morning called
upon the national banks having pro-
ceeds arising from the sale OF Treas
wy certincktes of date Aprn Is. to
pay into the respective regional banks
30 per cent Of the balance Of such
funds by Thursday. ~. !.
This win cause . further with
draval from banks of 81, 500, 200. and.
with the heavy payments on account
May will probably create q disturb
anee In the market for call money.
There Is no way of estimating the
fun tax payment. az many OF the
checks Of last-day taxpayers win not
locally have gone down severely with
the leading trust companies and larger
national banks, while savings banks
have also suffered severely.
Bankers now estimate $500, DO, 600
or '6A per cent certificate issue. with
June Is, with the probabilities OF q
billion OF short-term notes at per
cent
LuncAeon to Dfreeto1H.
The Potomac Insurance Company
rendered an informal luncheon to its
directors at tho Washington Hotel
yesterday.
The occasion was in honor of Il.
Norrie-Miller Of Perth, Scotland, gen.
eral manager of the Fire and Life AS
surance Corporation, Ltd. Of Perth
who is also q director in the Potomac
Insurance Company.
The guests included Frederick Rich
ardson. general manager Of the Cen
era1 Accident; George W. White, pres
ident of the Potomac Insurance Com
pany; Thomas c. Moore, vice presi-
dent and genera manager; Charles e.
Howe. Edmund e. Rheem, A. A.
Hoehling. jr.; Charles e. Hood, Alex
K Phillippa secretary, and H p.
Howard, assistant secretary.
Loesal seeuftfes.
Todays session of the local stock
exphange produced the usual quota
Of bid and asked prices. but otherwise
the session was slow and uninterest-
ing.
A small sale Of Railway preferred,
1t s1&. and smaller one Of Real Es-
tste Title completed the sales record.
Cal money was offered at ~ per
csut. with 6h per cent bid.
Poto.aae Lafe Insurance O.
Ihe balance sheet Of the Potomac
Fke Insurance Company for 1890, its
ntnetieth year in business, is as fol-
Asss4s-Bonds and stocks, s4ss, $50:
mortgage loans. ssss.sss; real estate.
$1o1s; interest due and accrued,
$S,1S9-9O: premiums in course of col
lection, $91 ,331.82, and cash In once
and in banks. $ss.701.41. Total. Ss3s.-
Liabilities - Unearned premiums,
$s6a losses in course Of edjust-
ment. $128, 30. reserve for taxes,
$4,000; all other liabilities. $5z6.78;
capital: .?2oo. 900. and net surplus.
Soiders s4ssiss.Rssa. sa' Total to lsssss, nn.,ss
$922,a42.33
WashinSton Grove Association.
The annual meeting of the WASH
tngton Grove Association of the Dis
trict of Columbia and Maryland was
held May 80. at the grove.
The annual report of the president
showed the company free from debt.
hank. ,-A sA,0
o1fcers for the ensuing year wer,
elected a. follows: L CabeN VIII
hanson. President: John T. Meany,
treasurer. and Rev. F. L I. Miller,
secretary. - - Tr'
Says An Leans Are for Trade.
cFVna NStloo1i MY Bank Cifcalar.
We have had occasion to note here
tofore that criticism was being d.
rected at foreign loans offered In this
market on the ground that no obli-
cation was imposed for the expendi-
Iure OF the proceeds in the United
states. and that in fact, they had
oeen used in some instances for max.
ing payments elsewhere. News re-
ports from Washington recently have
repeated criticisms of this chsracter
and indicated that they were being
urged upon the attention ofths pub-
Nobody will take issue with the
proposition that the available capital
funds OF this country should be uti-
IzSd at this time in ways most prac-
ticaly helpful to American business
interests That is where everybody
wants them to be used, and the fact
In this market Is likely to be with.
change rates as they are that fs prac.
tieally the only pse that can be made
With New York exchange At q pre.
mipm all over the world. ana eold
flowing in this direction wherever
gold fs free to move, 1t IL evident that
in this market are likely to be WITH,
drSwn from this country In any other
form than that Of our goods or prod- =
uctA The fact that people In an
parts OF the World are 6ayins trans
Rostafcn- chAfEes on gold to tia
changing It for prodocka, = suf3csemt
proof that it is not sdvautaSeous
unaer present condftf0ns, to boerUV
god here with the purpo1o-0f MOVING
1T to some other market, No{1aiuE OF
tbs kind Is taking place.
An fnr PuncAasSne
= b true, however,, that the posi-
tiop Of the Uuted States, and Of
New York rs a banking center, IL
now such that . bank credit in New
York may be advantageousfy used
az IA means Of payment in other
countries. That Is position in
which London at one time was pre-
rival The practice Of using New
York credit to settle accounts around
the world Ia not dfSadvnntAIeoug to
this country. Il tends to make thfs
q money centsr md encouf1gse peo.
pie, in other countries to keep funds
herr. The funds axs not necessarily
removed BY being checked against:
Of every bank; the average deposits
Of the National City Bank sof New
York are checked out about ffty
times a year and yet vary but little
in volume the whole year through.
That illustrates the servfcs Of do
mestfc banking and of international
- one Of the losns against whsch
criticism was directed year or so
ago. was the Norwegian loan, which.
1t was said. was used to pay Tor the
building OF ships in England. Per-
hapRspule OF the credit was used m
that WY, but. u %, it WIS used In
80 ~ E1,0ffn1, t,InaAxSra Fn.,