Evening star., 1922-02-02
STILL MAINTAINS
BANKING POSITION
Washington Among Places
With Trading on fright
Side of LEDGER"

Despite a falling of in business of
approximately 20 per cent in many
of the large cities Of the country.
position as one Of those communities
that are still on the right side of the
ledger
As measured by debts to individual
account from 165 of the country's
most important centers, business fell
Off 20 per cent in the week ending
January 25, as compared with the
as compared with the corresponding
week last year.
All the large cities in the fifth fed
eral reserve district, with the excep-
ton of Washington, which shows
slight increase over 1921. showed de-
creases. Debts for the week in Bal
timore were $71.600.000, as compared
with ss9.6O0.00O in the same week last
year. Smaller cities in the cotton mills
district generally showed an improve
ment over last year. but they were
the only ones that did.
Additional AllOtments.
Local banks received small addi-
tional allotments of the recent issue
of Treasury three-year 4A per cent
notes of February 1. 1922. maturing
March Is. 1925. With the first allot-
ment. which was cut down to approxi
mately one-third of that expected. this
additional distribution brings the to-
tai notes received up to about 40 per
cent of the looked for allotment.
Treasury's Announcement.
Total subscriptions to the Treas
ury's new issue of Az per cent three
gated more than $1.2O0.O0O.0O0. Secre-
tary Mellon announced today. The
issue. he added, was for about $780,
100000, but the total amount of this
series of notes allotted will be about
$500, 900, of which about $2OO.O00.-
900 will be additional notes allotted
ON subscriptions for which payment
was rendered in victory notes under
the terms of the offering which re-
served the right to allot additional
notes for that purpose.
secretary of the Treasury Mellon
further announced yesterday that the
time authorizing federal reserve
banks to purchase victory notes at
par and accrued interest direct from
holders up to an aggregate amount
not exceeding s10O,000,000 has been
extended from February 1 to Febru
airy Is.
The policy of the Treasury is to
spread over a period of twelve to
sixteen months the retirement of the
victory notes, SO that the redemption
of this issue will not work hard
ship upon the governments finances.
This is in line with the program of
the Treasury recently outlined in Mr..
MELONS statement to the Senate
finance committee.
Mutual Life Reports Gains.
Despite the universal business de-
preston, the Mutual Life Insurance
Company of New York, reported a
prosperous year for 1921.
The new insurance paid for totaled
$343,750,S63. and the company's out
standing insurance on December 81
aggregated S2,472.651,71O. Payments
to ,policyholderS in 1921 were $95,-
239,239 and receipts from policy
holders were S90,3096s9 The COM
stockholders.
The assets on December 81. 1921,
were S677.505.4S5. the liabilities $685.
453,912, and the surplus or contin-
uancy reserve was s2S.051.5S7. The
increase in the surplus was s4.993,O44.
Next Forum Dinner.
The next forum dinner of the WASH
tngton Chapter. American Institute of
Banking, will be held February 9 at
6:lo pm. the place of meeting not
Yet decided, according to Francis G.
Addison. jr.. vice president of the
security. savings and Commercial
Bank. The subject to be discussed
will be the new income tax law as it
affects the individual.
GraphophOne Factories Dividend.
Holders of the preferred stock of
the Columbia Graphophone Factories
Corporation yesterday received checks
for the regular quarterly dividend of
per cent. This is the Maryland cor
poratiOn that built the large plant
in the northwestern section of Bal
timore and leased it to the Columbia
Graphophone Manufacturing Com
pany.
Under the terms of the lease, which
is for twenty-five years. the lessor
guarantees the payment of these divi-
dends as well as the interest on the
S1.750.0O0 first mortgage serial out
standing. There is S1.925,000 of the
s per cent cumulative preferred stock
outstanding. out of an authorized is
sue of S5.0O0,000, and 1880 shares of
no par common out of an authorized
issue of $4,000 shares. All the out
standing common is owned by the
leasing company. plans for the reor-
ganization of whose finances are now
in process of formulation.