Evening star., 1920-11-23

HALF of Proceeds of Novem'
Der Certificate Sales
Called.
:. 4. A. FLEMING.

While money conditions are work
ing easier in the various markets OF
the country. and call loans were maze
as low as per cent on Wall street
yesterday. it is noticeable that the
governments needs do not seem to be
letting up in the slightest. its de-
pressing.
Secretary Houstop is opposed to any
postponement of the fourth and last
Installment of the income tax. as has
neen suggested in the interest OF
easier funds, so that the December la
Withdrawals Ioi taXpaying purposes Will
De very heavy.
The government is drawing down
its credits to war loan funds. or
rather the proceeds from the sales OF
the Treasury certificates, much faster
than formerly. actually giving banks
very little use of the government
funds so deposited to their credit.
The last issue of Treasury certin-
Gates was made November 10. The
first draft against the proceeds OF TINS
sale was made yesterday, payable to-
day. 25 per cent being called for.
This morning the controller made
a second call on these funds. asking
that SO 1-3 per cent of the balance
reach the various federal reserve
banks not later than Friday.
Thus so per cent of the proceeds
ago have been called for payment
The lower prices of stocks and OF
merchandise have played large
nart in the money problem. alolhs.
with other curative measures, III
holding it reasonably steady until
after the cruX of the grain movement
was over.
1t remains to be seen whether the
market can remain around norma
rates for the rest of the year or not,
in view of the fact that on December
Is the fourth installment of taxes.
large volume of tax certificates. Treas
ury- certificates and the interest on the
first Az liberty bonds and other issues
converted become due.
Following this financing Will come
the preparation for January l inter-
est and dividend payments the whole
calling for probably $1,000. .Ooo.o 900. 1t
will be surprising if money remains
arou1d normal throughout the clos
ing days of the month. but soon after
the distribution of interest and diVi-
dend payments find their way back
70 banks. there should be more
permanent easing in money
.Business Depression Over"
Is. {. Forbes makes the statement that
"business depression is over, ana
proceeds to indicate the two major
evils from WnlCn tHe cOupUfy has
suffered as the appalling destruction
of the war; and "the rutnous falling
Off in the productivity of our work
mrn.'
He believes that the hrst 10 over,
that We have reached the stage of re-
construction.
He then asks. What Of labor's
productivity?" and answers, referring
to "the attitude, the habits, the in
dustry of labor. as development OF
momentous Importance Tar more
than is properly grasped. 1t out
weighs a score or more or happen
ings which are spreading pessimism.
'.Jf, as it is morally certain. work
men will continue their efforts until
they get hack to pre-war standards.
the result will be beyond calculation.
Need of wage cutting will be lessened:
the high cost of living will be brought
down and lower costs will strengthen
Americas ability to compete in the
markets of the world
Mr. Forbes does not believe that
there will be any pfe-hoiiday price
cutting. but that the new year should
bring iz 2 new price chapter"
Local Securities.
Today's session Of the local ex-
change was given over to the usual
Anaking Of quotations. The only
transactions reported ware In wash
ington Gas stock at lzk- and Metro
politan 5s at %.