Evening star., 1923-01-06
TREASURY MAY ASK
NEW BOND ISSUE
War Savings Certificates
/ Vital Factor in Present
I Funds Requirements.

Although it is officially announced
at the Treasury that the government
would not have to float a bond issue
TO take care of its matured obliga-
tions, il is believed in banking Cir
cles this merely means that no oHer-
ing will be made Immediately. With
money rates easing, it is thought that
by withdrawing any present ofering
there will be a marked Improvement
in the bond market and, according to
bond dealers. it will be possible lit
tie later on to float a long-term per
cent bond.
The Treasury now has about $780,
100000 in cash. With this 1t must
take care of S225, 1000. 900 victory notes,
called December l5; an uncertain por-
tion of $625.000,000 war savings cer-
iificateS and any part of the now re-
deemable $S50,000.000 of victory notes
which mature May 20.
The Treasury hopes to be able TO re-
fund a large part of the war savings
certificates, but how successful that
effort will be cannot be forecast.
1t is.agreed that few of the uncalled
victory notes will be presented tor
payment because they are selling in
the open market at a premium
II seems that the number of holders
of war savings certificates who de-
mand cash for their investments VIII
be a large influence in determining
when the next government Issue Will
be offered to the public.
If a ma jority of the certificate hold
ers demad cash ii Is certain that the
Treasury will have to get additional
funds. If the majority accepts new
savings certificates the Treasury may
be able to get along without new
loan. until March Is, when taxes due
will be Offset, more or less, by matur'
ing certificate obligations.
Increases It's Surplus.
At a board meeting last Thursday
of the Federal-American National
Bank 1t was voted by the directors to
increase the banks surplus 100000.
The condition of the bank at tne
close of business December 81, ls22
was $l200,000 capital. 100000 sur
plus and S272,000 undivided pronts
The action taken now gives the In
stitution 100000 surplus and leaVes
its undivided profits at $172.000.
Seventh Street Bank Report.
The usual 8 per cent semi-annua
dividend of per cent, with an addt-
tional distribution of ] per cent, was
paid to shareholders of the Seventh
Street Savings Bank the first OF the
year.
At the meeting when this actor
of the bank business for 1922 was
read, The surplus of the bank ha:
been increa sed to $4,000. so that III
statement now shows $50,000 capita
and $4,000 surplus. which places th'
institution on 'the honor roll"
Clearing House Mem to Meet.
The regular annual meeting of tn
Washington Clearing House Assocla
tion will be held Wednesday, Januar!
II, at o'clock in the afternoon, ac
cording to announcement made yes
tCrday by Harry V. Haynes, secretar.
OF the organization.
At the meeting a chairman and sec
rotary to serve for the ensuing yea
will be elected. as we'll as two mem
bers of the clearing house commit
tee. whose term of office are of tW'
years duration.
New Brokers Locate Here.
With George A. Garrett, formerl.
In charge of the local office of Fot
ter & Co., manager, F. B. keech
Co. members of the New York Stocl
Exchange, announced the openini
Yesterday of their Washington
branch. at 1414 H street.
Mr. Garrett is well known IN loca 1
financial circles. having been in full
charge of the firm the Keech com
Pany succeeds for several years. F.
Keech is no stranger to the city. nav
ing sbeen here great deal during th'
war in connection with has service
The firm has been in existence since
1899.
Land Bank Issue Closed.
The books for subscription to th'
sT5,o00,o0O Federal Land Bank Al
per cent bond issue remained oper
only one hour, when announcement
was made by Alexander Brown
Sons, bankers, that the entire Issue
had been subscribed and. the book
were closed.