Evening star., 1918-02-25
BANKS GIVE. APPROVAL
TO CERTIFICATE ISSUES
BY I. A. FLEMING.

difference of opinion exists among
bankers regarding the next liberty loan.
hut there Is general unanimi,y Of opinion
in approval of the Treasury certlncate
idea and commendation for the mind that
brought these certificates into use
handling of the problem Of the income
taxes and of the third liberty loan nave
both been simplifed in the gathering To-
gether of the resources of the banks in
taking the former which will. in time, be
largely exchanged for the new bonds
Bankers also give approval Of the longer
period of announcement OF the onerins 81
Gates which has been set for February
81. the previous issue giving less than
day or 50 for preparation Six days notice
ary - there will be outstanding $1,000
900. 600 Treasury certificates. the money
for which has been paid into the Treas
ury. which to large extent anticlpa.es
and investnlen of banks against probable
purchase direct and for installment sales
of next issue bonds
1t is understood that the germ OF
the short term bond issue has reach
ed the Senate side of Congress. and is
causing much favorable comment,
where the lawmakers were doing con-
siderable worrying over the probable
rate of interest on the next bond is
sue hesitating before marking up the
rate to Az, with its Incidental increase
of half of per cent on all As and l
per cent On unconverted 31ss-
Banks that have qualified as deposit
tories under the ruling as to pay
Tnents on liberty bonds may simply
give the government credit for sub
scriptions to Treasury certificates,
holding the actual cash until needed
by the Treasury Department
Chevrolet Motor Company.
Under the terms of the new agree
ment by which the Chevrolet Motor
Company becomes the owner of Sc per
eraI Motor Company, 132,6S4 shares out
of 1,10S,26i shares, it ceases to be
manufacturing corporation. whereas
1t now produces 125.0O0 motor cars an
nually. making it straight holding
company
That is providing the shareholders
ratify the plans suggested by the di-
rectors. who probably control the cor
pOrat ton.
General Motors will be the manufac-
turing company with capacity for 400.-
900 machines a year. Cadillac. Chew
rolet, Buick, Oakland and Olds auto
mobiles.
Municipal Securities.
The capital issues committee of the
Federal Reserve Board has announced that
on the recommendation of its advisory
committee. in view OF the very large ag-
Sregate of municipal issues offered in
small amounts. the decision has been
reached to reduce from $3.50. 900 to $780,
900 the minimum limit of municipal issues
upon which it will give advice upon the
question of whether such issues are or
are not compatible with the public in
terest.
The Next Bank Call.
Bankers are not looking for a call from
the controller of the currency until early
in March. 4 year ago the call was made
for March ). and the last call of 1916 for
December H. which would suggest that
the call may come almost any day.
In Conference at Richmond.
The members of the local liberty loan
committee. with the exception of Cor
coran Thorn, are in Richmond TODAY.
consulting with the officials of the fed
eral reserve bank there on the third
bond loan. Because of the absence of
G. ]. Bell. president of the American
Security and Trust Company, it was
impossible for Mr.. Thorn to attend the
conference.
Commercial National Stock Higher.
cerned. today's stock market was pro-
oactive of nothing but perfunctory
bids and proners. and this was true of
stocks. no less than of bonds
me only interest in the session and
practically the only transaction re-
norted were in Commercial National
Bank stock. F. P. Harman. the presi-
dent Of the institution. has been stead
ny increasing his holdings for over a
year. and has recently acquired a large
block at private sale. Before the de-
cisfon to increase the banks capital
the shares were moving up under and
around s2e0.
Today two ten-share lots changed
hands at 210. and then a IKE amount
81 210h. with 210 bid and 2i5 asked at
the close.
the only other stock sale was of Mer-
genthaler Linotype at 100
The bid price on Capital Traction was
q; for Railway c"-omon. So and for
the the preferred. 6eH