Evening star., 1918-06-21
BIG FINANCING MADE
WITHOUT DISTURBANCE


By I. A. FLEMING.
The relative ease and smoothness
with which the finances Of the nation
are moving along, despite the .gigan-
tic character of the receipts and ex-
penditures. is causing much favora-
BILE comment among the bankers them
selves.
Great uneasiness was expressed over
the income tax payments of 1918. and
strenuous efforts made to secure the
privilege Of installment paying. but
the bulk of the tax payments have been
made; very much more than 20 per
cent of the third liberty loan has been
paid in and. withdrawn from the
banks; millions Of real estate taxes
have been liquidated and the Treas
ury Department has announced
large issue of Treasury certificates,
payable every other week, ana the
possibility of $4,000. 100000 Treasury
certificate issue, "at an opportune
time this summer, in anticipation Of
income taxes.
Local bankers are preparing to take
their quota of Treasury certlhcates'
. per cent of their resources every
other week.
The total issue as provided by the
Treasury Department, s750.000.000
every other week, will in itself call fox
$4,000. 900. 900 from the banks of the
country between June 25 and Octo-
ber 25.
1t is announced that to the extent
the s200o,000, 900 income tax certln-
Gates are sold. a like reduction will
be made in the regular fortnightly
certificate sale.
July IS, 35 per cent of the third
liberty loan is payable, calling for an
other billion and over.
Very small amounts of income tax
payments have been available for
government use as yet. the great bulk
on deposit with qualified deposltorlS Is,
but the manner in which liberty loan
funds have been drawn out does not
suggest any prolonged stay.
The handling of the big financial
operations by the Treasury Depart
ment has been accomplished without
much of a squeeze, practically none.
but the wisdom of the governmental
control through the capital issues
committee of capital. labor and ma
terial, has been demonstrated in the
satisfactory existing conditions. de-
spite the stupendous financial opera
tions
The needs of the government in the
conduct of the war are such as to pre-
clude non-essential enterprises, but
NAL lines. in so far as possible. mer-
chants and others should insist on
their customers bearing part of the
credit burden. to the relief of the.
banks. as the latter have the double
duty of assisting the government in
all it's activities and supporting the
commercial credit structure at the
same time.
The public should recognize the bur-
dens of the hour and lessen their de-
i
to non essentials in the thrift de-
mands of the hour.
Will Get Dividend.
The business of the regional banks
Of the federal reserve system has
shown an immense increase through
the operationss with the government
and between banks during the last six
months. and there is practical assur-
ance of their ability to pay the regu-
lar semi-annual dividends in the near
future.
The Richmond bank is one of the
seven reserve banks that paid divi-
banks being still nearly a year in ar
rears.
All should make good this year and
bring the 6 per cent payments down
to the close of the fiscal year, June
30. This is the maximum dividend that
can be paid
Philadelphia. Cleveland, Kansas City,
Dallas and San Francisco are the
federal reserve bank cities in arrears
on dividends. San Francisco having
paid only to December /, 1916.
Dividends Declared.
The regular semi-annual dividend of
the Firemens Insurance Company, 3
per cent, is payable July 1, books
closing June "a.
The Norfolk and Washington Steam
boat Company will pay the regular
quarterly dividend of per cent July
]. Books close the 22d instant.
The Security Storage Company will
pay the regular quarterly dividend of
3 per cent July 10, books closing June
30.
On the Local Market.
Capital Traction shares sold on to-
days session Of the local stock ex-
change at s3A ex-dividend.
Railway preferred was rather soft
at ssh to 65S.
Two ten-share lots of Commercial
National Bank sold. the first at 1871
and the second at 1S9.
A small sale Of Lanston scrip was
recorded at 81.
sales. Capital Traction So at 10Oh and
Washington Gas 5s at SO.