Evening star., 1920-10-26
GOVERNMENT NEED
KEEPS CASH TIGHT
Heavy Draft Today, Another
on Thursday-0utlook Is
Not Favorable.

The government continues to draw
down funds to It's credit in the banks
of the country and as result there
is not enough of the circulating me-
dunn to push business and fnaAR
the needs of the government at the
same time-coupled with all the other
financing that is gong on
Every recent issue of foreign gov
eminent bonds and numerous large
domestic loans has been eagerly tax
en- buvers acting as II they were oe-
ing offered the last chance to place
their funds at the going high rates
of interest
will be busy preparing for January l
distributions making payment or the
last installment OF the 1919 income
tax returns and getting ready TOT the
new year After this money VIII oe
easier. according TO the predictions OF
bankers. but with the government
still competing and March taxes less
than three months in the ner year
the outlook is not overly encouraging
unless there is a speedy marketing or
the great crops of the countr! 10 piS-
duce new money.
20 Fer Cent Today, 10. Thursday.
Bankers are turning over to the gov
ernment today To- per cent OF the oa'-
ance OF the proceeds of the sale OF
Treasury certificates Of September 10,
and on Thursday will pay 10 per cent
of the sale of Treasury certlhcates OF
October 15 the latter the nrst ora'' Oh
these proceeds.
Another issue of certificates is eX-
pected or November Ia and that IT Will
h. taken by the public. which seems TO
have turned conservative investors ana
favor government issues. seems certain
to the further withdra walls of deposits.
II is this pulling down Of funds by the
government to meet obligations as they
mature that keeps the money market
drained.
some of the largest commercial houses
are on the market also with commercial
paper at attractive rates. which. being
rediscountable. is attractive to banks
Money on Wall street opened at per
cent number of loans were called
this morning.
steel Directors to Meet.
This afternoon after the close of the
New York Stock Exchange the di-
rectors of the United States Steel
Corporation will hold q meeting from
which important developments are
expected
The argument is based on the ac-
QUESTION by the workers OF the COR
poration. last year of 10000 shares
of common stock on the instalment
plan at 106 share. AS the market
is now nearly II points below that
paid for the shares. 1t is held that
an extra distribution to the common
shareholders is probable. an express
sion of opinion from market sources
favoring 10 per cent extra dividend
payable In liberty bonds. of which
the corporation is a large owner.
The report gave the stock sharp
advance at the opening.
standard OIL of New Jersey.
This favored investment stock NOV
odh NJ
TO s695. The melon is ripening fast.
Coco Cola dropped sharply. as, the
company had to take serious losses
through the drop in sugar prices and
therefore passed it's dividend.
Standard Oil of Indiana advanced 90
points. to ssos share. A melon is
said to be just ready here.
Active Trading In Locals.
Bonds were favored on the local
stock exchange this morning. mat
ter of 1000 face value changing
hands Washington Railway 4s and
Gas 5s were leaders. the former ad-
vancing by fractions from an opening
at 44A to a close at 45A. The So of
the Washington Gas Company opened
at 7SA. but steadily declined to and
closed at IS. Railway General 6s
brought SO and Capital Traction 5s
SSH.
In the stock list Railway and Elec-
trio preferred was the leader. l2a
shares being taken. all at 50. WASH
ington Gas sold at 43 and Capital
Traction stock at S51a.
Tie typesetters were slow. but
firmly held Lanston sold sparingly
at 81. slight reactionary trend.
want to Open Saturday Nights.
The situation. locally. in the matter
of uniform hours seems to have set
tied down to an insistance on the
part of savings banks in certain CEN
ters of business that they be allow
ed to keep open on Saturday nights.
If this concess on was granted 1t is
possible that the uniform hour sched-
ule as agreed to by the active men,
bers of the Clearing House Associa-
ton might be made acceptable to all
members of the District Bankers A.