Evening star., 1921-08-20
INCREASES LIMIT
Of note ISSUES
Treasury May Issue 81, 7,500,-
OO0,0 600 II Tax Bill Passes.
I, Calls for $4,000, 900.
BYLA A.. FLEMING.

Little by little various features OF
the new revenue measure of 1921 are
being uncovered. the latest being an
authorization to the Secretary Of the
Treasury to issue not more than
$500, 100000 Of short-term notes.
with maturities from one to Ave years.
nothing under and none for = longer
period.
This authority is found In section
1908. This provides an amendment to
section IS of the second liberty bond
act, by striking out 'for the purpose
OF this act and to meet public ex-
penditures authorized by law. not ex-
cesding in the aggregate 100000
000." and inserting in lieu the words
Tor the purchase or redemption of any
notes issued hereunder and to meet
expenditures authorized by law, not
exceeding $7.500.000.000. at such
terms, rates and conditions as the
Secretary of the Treasury may pre-
scribe"
This makes 1t clear that only short
term notes are involved in the au-
thorization for $500. 100000 increased
borrowing.
$4.167.4 .4s2.750. so that the Secretary Of
the issue Of ss,ss2. 100000 additional
notes.
In the event of extended refundins
sb ms further ion
available note possibilities will pro-
vide for the outstanding Treasury
certificate and war savings securi-
ties.
Calls for Matter of S1:,OO0,0OO.
Secretary Mellon this morning made
small draft on the credits of the
Treasury. with the national banks.
arising from the August sale Of GER
tincates. asking for payment of per
cent of the balance of the credit.
which will call for repayment of about
$12.000,000 on Tuesday next.
American Commercial and Savings.
interests back Of the new Ameri-
can Commercial and Savings Bank.
organized some months ago. announce
that the bank will open about the
middle of September. in temporary
pending obtaining possession of the
permanent location, and the erection
OF a new bank building of special
design on the southeast corner of G
ana 7th streets northwest.
The temporary quarters are being
handsomely prepared to house the
bank. with a directors room and a
number of offices for the real estate
department.
Edward Voigt, jr., will be the presi-
dent of the bank. He was formerly
vice president of the Central Savings
Bank and Is one of the well known
jewelers. of the city.
Richard b. Owen. Edward s. Bra
shears and Ulysses G. Cunningham
will be the vice presidents. Robert C.
Shaw. formerly of the First National
hank of Durham, \. c.. will be the
cashier and NJ. NJ. Doyle will be coun-
sci for the bank.
The directors will include the Off
GERS named above and Messrs c. G.
Otwell. c. A. Brickw eddie, R. E. Nc
Namara, julius Johnson. B. B. Garvey,
W. H. Benjamin. George Hebbard,
James B. Flynn. H. D. Ormsby, Grant
8. Barnhart, A. B. Clark. r. A. Bog
ley, Thomas CantweH. Robert Mar
shall and Charles H. Clark. ST.
The capital of the bank viii be
$15e.000 and 1t will start business
with a surplus Of $4,000.
Personal Mention. .-t .
]. B. Larner. president Of the WASH
ington Loan and Trust Company. has
been in the city during the greater
part Of the month. He leaves today
for his summer home for q few days
rest.
r. N. Harper will return from New
York today.