Evening star., 1917-12-13
WAR FINANCING FOR THE
REST Of FISCAL YEAR
BY /. A. FLEMING.

BY I. A. FLEMING.
1t is estimated that about u. 900. BOO. .ooo
of the total subscription to second lib
erty bonds, $3.so0. .e00, 900. still remains
unpaid. An installment, 40 per cent on
unnaid subscriptions, is due on Saturday.
and the complete payment must be made
by January is.
IT is expected the proceeds of the Sec
ond loan will be exhausted in about three
months.
The chances are that the Treasury Will
meet expenses then. for time, by the use
of Treasury certificates. method IN
favor with the bankers. anticipating fu-
ture liberty loans.
There is a hint that the third loan VIII
not be pushed until warmer weather, as
an aid to out-of-door campaigning; that
the amount will be quite large, and that
some changes in financing are wlthih
the possibilities. 49,
The chances are that Congress Will
repeal the law under which liberty
loans have heretofore been foated ana
pass a new act, which Will give author,
ity for a much larger issue than would
he permissible under the present law,
with balance of but $3.666,233, $50 to
complete the appropriation, when 1t Is
admitted that the requirements OF the
from nine billion dollars to ten billion
dollars more.
For another year of war the govern
ment would require fourteen to hfteen
billion dollars additional, that is, to
June 80, 1919.
Preparing New Coupon Certificates.
1t is understood that new coupon
certificates will be issued in few days,
practically the only change being that
L. at41 to mil or
trust company. the paying agent of the
corporation paying the interest. in
stead of to the corporation direct.
There will be fewer exemption GER
tificates filed with coupons than at any
time since the passage of the original
income tax law, now repealed, although
there will be many filed with coupons
on liberty 31@s.
One bank received a coupon for col
lection this morning, claiming exemp-
tion of $4,000, which would necesSitate
that the owner, if married. be the par
ent of ten children under the age of
eighteen years; If single. that moral
obligation existed for the support of
fifteen dependent relatives.
Dividend Declared; Director Elected.
At a regular meeting of the directors
of the Continental Trust Company. held
yesterday afternoon, a quarterly divi-
dend of X per cent for the current
y
ber 81, to shareholders of record at the
close of business December 20.
At the same meeting DR.. w. p.
Reeves of 100 East Capitol street was
elected a director of the company. DIR.
Reeves is prominent Capitol Hill
physician.
Boosting War Savings.
The National Metropolitan Bank has
cut out all war savings certificate and
thrift stamp advertising so far issued.
pasted the ads on cardboard and
made its own posters, which are
prominently displayed around the
This is in anticipation of the advertis-
jng posters Of the sale, which are un-
dersaood to be very attractive, hut
which are late in arriving.
Banks report the sale of certificates
and stamps very fair, but look for a
good demand between now and the
holidays. and following the arrival and
display of the poster work.
On the Stock Exchange.
On the local stock exchange today
business was rather slow. Potomac
and Chesapeake Telephone IS sold to-
day forsthe first time IN months. and
the price was 99 ". During the entire
year, previous to today, but $1,000
bonds OF this issue have been sold, and
( brings the price in harmony with the
general bond values of the day
Potomac Consolidated SIS brought "a.
Mergenthaier shares were soft. with
lis the bid and 122 the asking price.
A couple of shares of Washington Gas
sold at SIS and like amount of Union
Trust Company shares at 122A.
Southern Railway Earnings.
Gross earnings of the Southern Rail-
way. partly estimated. for the first
week in December. s2,sss.62s. exceed
the gross for the corresponding week
of last year by $153,44S.- From July l
to December Z, both inclusive. the gross
earnings, s54.453,526. were ss.s01 .61s in
excess of the gross for the same period
of the previous fiscal year, a gain of
q5 mar penf