Evening star., 1923-07-14
BIG WITHDRAWAL
!. Of FUNDS TUESDAY
Regional Banks to Meet Call
of U. S. Treasury-Local
Financial Notes.

Approximately s1s,s52.3oO will be
withdrawn from the banks of the
country on Tuesday next. when insti-
tutions will meet the call of the Sec
retary of the Treasury to pay into their
regional members 20 per cent OF the
| amount on deposit arising from the
purchase of Treasury notes of series
"B," 1927. dated May IS. 1923.
Upon payment OF the call in ques-
tion banks of the country will have
| paid back to the Treasury 70 per cent
/ of the original amount, which was
1882 ,052900 of cash subscriptions and
1886. 800 of exchanges. To date
| seven drafts have been made on
! the original loan.
| In addition to what remains of the
May Is issue, the banks of the coun-
/ try have the entire amount of the
June Is allotment, which is for s189-
| S33,500. of which 1888 1000 was for
account of changes.
Joins District National Bank.
Thomas P. Kane. national bank ex-
| aminer for Maryland and the District
| of Columbia, has been added to the
| official family of the District Ma
! tional Bank in the capacity of vice
| president and director. He will take
/ up his new duties actively on August
! 1, 1T was said.
Mr.. Kane is son of the late
Thomas p. Kane, deputy controller
1 Of currency, and. needless to say. his
/ knowledge of modern banking is
| thorough in every respect. Prior to
| his duties with the Treasury Depart
ment he was for four years con-
| nected with the American Security
and Trust Company. He received his
| commission as examiner in 1921.
Mr.. Kane is at present on leave OF
i absence from the Treasury Depa ~
| ment.
Bankers Draw Up Recommendation.
| The two-day session of the eco
inomic policy commission of the
American Bankers Association ended
yesterday in New York, after con-
sideration OF several outstanding eco
| nomic questions. Recommendation
| regarding the federal reserve sys-
tenn, the gold standard and sound
money were sent to the administra-
tive committee with the request u
a public statement be issued soon
giving the associations views on
these questions.
Melvin A. Traylor, president of the
First Trust and Savings Bank, Chi
cago, and chairman of the commits
ness conditions. pointed out that
| western business men did not feel
so pessimistic as those in the east,
because of better than average crop
pIoSpcCtS, no larger inventories, no
great volume of advance buying and
a large volume of orders on handt
For these reasons Mr.. Traylor gave
as the opinion of western business
men that the situation looked to be
favorable for the remainder Of the
Iyear.
Bank ClearinEs Increased.
Only a small increase in bank
clearings over those of a year ago is
SHOWN this week. the s7,029739000
reported to Dun's Review by twenty
cities of the United States being IL
the earlier period. There Is a gain
of 25.2 per cent, however, in COM
parison with the total for the same
week of 1921. The cities outside of
! $4,000. which is 146 per cent more
| than the aggregate for year ago.
! and increases appear at all of the
centers included in the statement.
| the current weeks total of S4,234.000.- ]
600 is per cent less than that of
the corresponding period of 1922.
| Weeks Business Failures.
| With returns for one more business
| day included, failures in the United
| States this week not unnaturally
| show an increase over last weeks
| total. The number reported this week
is 291. or so more than the number
last week. which was broken by
holiday. A year ago, however. there
| were ass defaults, or 164 more than
| in the present week
The number of failures involving
$4,000 or more of liabilities in each
| instance this week is 147, which rep
/ resents sos per cent of all defaults
| This is considerably higher than last
weeks ratio of "A per cent, but is
slightly below the ratio of Sc per
| cent a year ago. when 255 failures
had an Indebtedness of $4,000 or more
| in each case.
New Bond Issue.
S. w. Straus &. Co. announce
| that permanent per cent first mort
| gage serial coupon gold bonds of the
| Westinghouse Building, and the 6i1
| per cent Montreal Insurance Ex-
/ change Building issue are now ready
| for exchange for interim certificates
| outstanding.