Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-12
LARGE CERTIFICATE
PAYMENT CALLED
Treasury Orders 40 Per Cent
RENTED by October Is.
important Financing.

The Secretary of the Treasury this
morning called upon the banks nav
ing proceeds of the sale or Ireasur!
certificates of the issue of september
Is to pay into the regional reserve
banks, not later than the 18th instant
40 per cent of the balance OF such
funds on hand.
Friday will witness large banking
transactions. the payment by the
Treasury of s170.633. 900 of Treasury
certificates the sale by the treasury
of 500. 200. 900 80. per cent certificates
and the payments of the interest on
the fourth liberty bond issue Ior 'he
half year.
On that date the s500,000.0O0 Anglo
French loan natures and VIII be palu
off. thus releasing this large sum OF
money
Under the circumstances bankers
consider that the money market VIII
be reasonably firm for some days TO
come hut they do not look for any
disturbance nor any material increase
in rates ,o, ooo
November Is total of s102,6S3,0oo
Treasury certificates mature "hicI'
will probably not have any eject on
market conditions.
December Is s7OO, 900. 900 Treasury
certificates mature, the chances are
that most of them will be USED IN tle
final payment of income taxes ioI
1919, the last installment being que a
on that day. Another issue OF GeItlil-
Gates is likely to be announced before
that date, probably for November 10
Diplomatic Corps as Guests.
Invitations to the diplomatic corps
to attend the first session of the gen
eral convention of the American bdnh
ers' Association at keiths on iuesoa!
morning, October 10. and also 10 pe
present at the special drill at ror'
Never on Thursday afternoon oeto
Der 81 have been accepted.
Extra Compensation.
D,-sc,ors of the Riggs National
Bank have voted an extra mont -, ;
CONDENSATION to all employees Oh Tic
bank. payable October 10
Record Attendance Mt Convention
Richard S. Halves. president OF the
American Bankers Association lhaoe
the prediction that there wouio De ue
tween $500 and 5000 guests .nI
convention next week. Fun spsCiai
trains are coming from Texas. okia-
roma and the southeast. and three
trains from Chicago. one from 81.
Louis and three from New YORK.
Record reservations for previous
conventions was 1900. The hotel com
mittee here has booked RESERVATIONS
for 1900.
Holiday Today.
All stock exchanges were closed tooas
Columbus day. The Chicago grain iiioi
kets were also Closed
Foreign Trade Financing.
Foreign trade financing will be one
of the most important topics oeiore TIC
A. B. A. convention.
John McHugh, chairman OF the COM
mittee having this matter IN cnaFee, pc
lieyes that it is essential Tor the amer
can people. producing IN tne aggresa te
SIC, O0O, 900, 900 of wealth annually, 10
save a very small percentage OF TINS
sum for investment in foreign securities
to enable Europe to buy from US our
surplus products and thus keep our
productive capacity employed
own people as the absolute need to aid
in financing Americas foreign trade. he
saws: Thrift implies work ana WORK
should mean the approach OF the MAXI
mum of production. Increased proouc-
tion will result, as nothing else can, ootn
in the furnishing of sufficient commodi-
ties so that we shall not suner from
excessive prices and in the accumuia-
ton of such SURPRISES of commodities
as may be spared for profitable markets
abroad
National Bank Section.
On Wednesday, OCTOBER ~, tne va
tional Bank Section of the A. b. A.,
will meet in the big ballroom OF the
New willard. The feature OF the
meeting will be an address by Pierre
Jaw, chairman of the board of direc--
tors of the Federal Reserve Bank OF
New York, on Banking Evolution,
and a discussion of the topic by bank
ers present, led by Oliver ]. Sands OF
Richmond.
A Comprehensive Survey.
Harris, Winthrop & Co.. of New York
and Chicago, prominent bankers. have
Just completed a most comprehensive
survey of the situation in the United
States, securing views and expressions
of opinion from 3,673 prominent bust
ness men.
Two-thirds of these answers placed
the matter of reduced taxation to the
fore as more important than the league
of nations. Public opinion is about
evenly divided between the present and
higher tariff rates. A small conSump-
ton tax is favored by two out of three
answering. Most of the correspondents
expressed the opinion that liberty
bonds were now permanently placed.
A majority look for further contrac-
ton in business of less than 10 per
cent.
Public acquiesence in the rate ad-
vance is general. Harris. Winthrop &
Co. announce a willingness to mail a
COPY to any applicant, gratis.