Evening star., 1922-02-04
READY TO TAKE UP
HSV|CT0RY NOTES
.Treasury's Position Holds Is
sues Firm Factor in Finan-.
ciaI Market.

With the Treasury standing ready
to take up to s1oO,o0o.OO0 Of, victory
notes at par and interest UP to Feb
ruary Is. there is a supporting order
in the market which will hold these
issues hrm in the next two weeks
At the time Of the announcement
Of the last issue Of s4oo.oo0,o0o three
year * per cent Treasury notes, with
privilege Of issuing s2o0.o0O.0oo. ad-
ditional In exchange for victory
notes, Secretary Mellon also stated that
federal reserve banks would pur-
chase victory notes at par and ac-
crued interest direct from holders to
An aggregate amount not exceeding
$1o0,000.0o0 up to February l.. This
time has now been extended to Feb
fuary 16. With victory notes selling
in open market at a premium OF IS to
30 points, holders naturally refrained
at par and SO losing the premium to
be gained by disposing of their notes
in open market -
TreasurJ's Offer to Buy.
: The Treasury's offer, to purchase
$100,000.00 victory notes at par is In
conformity with it's refunding plan,
by which it is proposed to retire a sub
stantial amount of the victory notes
announce what funds would be
utilized for this purpose. but pos
sibly bulk will come from the fran
chise tax for 1921. received from the
federal reserve banks, amounting to
$5s.s74,000. During the month Of De-
cember the Treasury used S2.619,000.
of this tax fund to retire public debt,
leaving q balance unexpended at the
beginning Of this year of S57 7,355.OO0.
In the fiscal year ended June 30. 1921.
the Treasury used 69,724.500 re-
ceived as federal reserve bank fran
chise tax to retire public debt obliga-
tions.
Subscriptions In Excess.
Preliminary reports place subscrip-
tions to the recent offering of $780,
eee as St notes tme
when the soldier, bonus bill is the
foremost legislative act under dis
cussion here, the large oversubscrip-
tionS to government obligations are
likely to prove embarrassing to the
Treasury, as bonus exponentS are ad-
yocating that the government accept
all subscriptions and utilize the pro-
ceeds over immediate needs toward
meeting the bonus payments. On
paper there was undoubted padding of
subscription lists by some institutions
eager to obtain big block OF GER
tificates Or notes, and on the last op-
1erlnS IL Is unueTStOOu lHc
discouraged any imitation in subscfip-
tions.
Masonic Life Report.
The most successful year in it's
history was reported yesterday by the
Masonic Mutual Life Association of
the District which closed the nifty
third year of it's activity December
81. 1921. Total assets of the assosi-
alton as of that date were S4,6o3 095.
Insurance in force at the end of the
year amounted to s101.222.29 .295. and the
new insurance issued during the year
totaled S42,44S,000.
The associations statement shows
an increase in assets during the year
of Sl.J1S,954. and increase i'll reserves
of S12s2,156 and an increase in sur
plus of $225,575. The association has
$1,57S,65J in first mortgage loans on
improved real estate. The amount of
insurance in force has quadrupled in
the last four years.
Treasury Savings Sales.
American investors purchased
Treasury savings certificates OF the
new issue TO the maturity value of
$11,120.0s9.45 during January. Lew
Wallace, jr., director OF savings of the
Treasury Department. announced to-
day. Sales for the most part were
made through the post ba Sces sss
which mature five years from date of
sale. sell at the rate of $50 for 500
maturity values and are offered in
SIS, 500 and $1,000 denominations.
= Secretary Mellon has announced
that the total amount of subscrip-
fions received for the issue of X per
cent Treasury notes, dated February
i, 1922. maturing March Is, 1925. was
3l,24s, 965. 300, and that the total amount
subscriptions allotted was s601 $50 5oe.
All of the federal reserve banks over
subscribed their quota for the offering.
Resigns From b. & o. Board.
Following the ruling of the Inter-
state Commerce Commission against
interlocking directorates. w. Averell
Hartman. who is director OF sew
eral railroads. has rendered his resig
nation as "a director of the Baltimore
and Ohio Railroad Company. L. +.
Loree. who is also director of the
Baltimore and Ohio and several
other railroads, is considering
whether he viii remain on the board
Of the Baltimore and Ohio and