Evening star., 1923-03-30
TREASURY FUNDS
IN AMPLE SUPPLY
Banks Hold S505, ,000,0 600
Proceeds of Certificate Sale.
Partial Holiday Today.
BY 1. A. FLEMING.

The United States Treasury Is so well
supplied with funds that the entire
proceeds Of the most recent sale Of cer-
! tificates. amounting to s475,0o0,o0o. are
permitted to remain with banks Of de-
posit In the war loan fund.
Not only is this large amount oi
| money still on deposit. but $30.00o,00
| from the previous fiotation is still held
to the order Of the Secretary OF. the
Treasury.
AT the close OF business March 26
the fiscal operations Of the day of
| sS,5Sl.347, and for the month Of March
surplus Of 1916, ,129,263.
Stock Exchanges Closed,
AL stock and grain exchanges were
closed today. Banks were open as
| usual, with business rather lighter than
usual.
New Controller of Currency.
1t is stated, in manner that leaves
no room for questioning the authenticity
OF the report, that II. NJ. Dawes, brother
OF Gen. Charles G. Dawes, and a mem
Der OF the executive committee of the
central Trust Company Of Chicago, has
oeen selected as the successor to D. r.
Crissinger, in the Office of controller of
the currency.
Gen. Dawes himself filed the position
during the Mckinley administration.
Local bankers are speculating on
whether the views of the present con-
troller will be upheld by the future oc-
cOpdnt or the office with regard to CIV
ing charters TO banks for which a pro-
moter has received fee and on the
matter of branch banking. although the
| latter subject is expected to be dormant
for some time now.
Armour-Morris Merger Closed.
Acquisition of Morris G. Co. by
Armour Co. is an accomplished
fact. 1t was taken over by the North
american Provision. subsidiary of
Armour & CO., at a cost Of s27.450,000.
payment OF the purchase price will
be and has been made as follows:
Cash. s2.750,000; preferred stock of
Armour d Co. of Delaware. $4,000, 900 !:
preferred stock of Armour G. Co. of
| Illinois. s9.o0000O. and class A com
mon stock of Armour q Co. of
Illinois, $4,000. 900
capitalization Of Armour & Co. of
Delaware will be $40, ,000. 900 preferred
stock and 100000 common stock
except sS.600,000 of the preferred
which will be used to acquire about
SS,600,000 Of the preferred of Armour
q Co. needed in the Morris purchase
TO furnish additional working
capital and to facilitate the transac-
ton. slO.OOO,ooo 6h per cent Della
ware Company bonds bearing 5h
per cent interest will be placed
| through the Morris interests.
Armour owns and distributes to
5zZ oranch houses; Morris owns seven
packing plants and 164 branch
houses
j. Ogden Armour declares that the
great reduction in overhead, and es-
pecialiy in executive management.
ana the meshing of the plants will
mean an enormous saving for the
consolidated companies
The hnance committee Of Armour
q Co. will consist of Samuel Nc
Reynolds. F. Edison White and P. D,
Armour-three constituting a voting
trust and controlling stock owned by
the Armour family until plans mature
for the sale of this stock
Old p. D. Armour. the founder OF
the mouse, worked from early in the
morning until late at night, and his
hours would have been much Longer
II he had had as many millions to
care Tor as this voting trust has.
Tax ON Moneyed Capital.
The Walker bill. now before the
New York state legislature, proposes
tax of = per cent on moneyed
capital which is in competition with
oanking capital. in order to impose
similar tax on banking capital.
"A ! per cent tax on the value Of
annually.
The court OF appeals invalidated
the bank tax because II was dis
crfminatory. The government permits
taxation by states only on terms
Of equality.