Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-07
MORE CERTIFICATES
FOR NATIONS NEED
Secretary Houston Outlines
Financial Positiofl-seeks
Investment Buyers.
~ 1. A. FLEMING.

RAnkefs were surprised this morning
to hnd that the Treasury department
had decided to put out another issue
Of Treasury certificates bearing date
SEPTEMBER Is. 1t was known that $40.
o0o,e0S Treasury certificates would ma
ture. September Is, but as these were
chiefly covered by income tax payments
it wis thought that 1t would not be
necessary 70 ask the public and the
50 far 40 per cent Of the proceeds OF
the INST SALE Of certificates was Or
dered paid into the Treasury and this
morning 10 per cent of balance was
called. leaving q considerable part OF
INC oe aeo Is $4,000. SO 1 Certificates
MATURE It Ii to care for the balance
Of thess issues not covered in by in
come t4x payments that the Treasury
now asks for $l0B.eee,0e8 niorc-series
T. II. 3-fss1 ana Series T, 8. 1921. the
ing March Is. 1921. and the other bear
ing s, Per cent and maturing September
Is, 1891.
E8SeAsss Exceed receipts.
SECRETARY. Houston admits that the
expenses Of the, oSernment are stiil
in excess of the receipts. the .nrst
sixty one days in the current f1seal
year marking an excess expenditure
in amount Of some s1so,see. 600 we're
made necessary By the provisions of
the transportation act Of 1899.
According to latest estimates pay
ments. on account of the railroads will
probably continue for some time. The
head 81 the Treasury offers hope that
the END Of deficits will come soon. in
that he expresses the belief the first
quarter Of the fiscal year ending with
this month will show surplus.
He also calls attention TO the fact
that SIS member banks in leading
cities only held about $3.50, 00e, zoe
Treasury certificates on August -,
whereas there were outstanding at
that date about SASH. 00e. coo Treas
unquestionably this is aecoUpted for
In large part. at least. by. the fact
that the public has been wIthdrawinE
counts for investment in the certifi-
BANKERS BELIEVE that the public viii
again be large buyers of the 8 per
cent certificates WITH the. years ma
tprity, and that savings deposits will
5hs Tlessuiy. asks ire banking la:
Of diem among invsstSfs.
q. $. Debt August 81.
TIE gross debt Of the United States
At the close of business August 81 is
F,ss BY the ssssfYs.r =. g +
the nseds Of tie railroads and sug-
gss{s further certiacAte issues in Oe-
tobSr and November, but predicts 9
further reduction in the gross debt
by December 81, 1920.
rr..eh ji66,66kSo5 Lat.
bond statesmen all over the United
States were busy bright and early this
morHing concentrating their efforts
loan Of the French republic.
Beginning Decsmbsr Is OF this year
the French government is to pay to
Moran ss; a.. 81 4 A. 30 S od ab anna
~. such funds TO BE- employed during
the drst Ave yeafs to the purchase of
these bonds in the open market up to
10 and accrued interest, and subsequent
payments to the call of bonds by lot at
After the five-year period at least 81
900. 0ae. principle amount OF the bonds
will be called each year, and. in the
event Of failure Of bond purchases to
exhaust the sinking fund by December
Is. isss, any such pIexpsnded az aSnount
The. strongest banks and banking
houses in the country are, in the syndi-
cate, and local bond statesmen report
sales in large AMOUNTS locally and
through nearby cities:
the long term borrowing at the high
fAte8 81 interest.
LEGAL Securities.
The market for local sAurities was
greatly neglected. With very little inter-
est 6ther than in the making Of quota