Evening star., 1920-02-28
RATE
RAISE EXPECTED
Bankers Point to Advance
Made by New York
Bank.

The only United States certificates
OF indebtedness now outstan nding are
tho tax certificates which mature on
March Is, June Is, September Is and
December Is, 1920. all being tax in
stallment dates. The total amount Of
tax certificates outstanding was ofii-
cially given as 5.s4s.o0o. The
certificates carry different rates Of in
terest, namely AZ per cent. ~ per
cent and AZ per cent Tho issue
dated January 2, 1920. and maturing
December Is. 1890. ycarried AZ per
cent, but the last short-term issue.
dated February and maturing March
Is. carried IA per cent.
Reports have been current In bank
ing orioles that tho Treasury would
offer new series OF certificates dated
March IL. 1920. to mature March Is.
1921, and 1t was reported in some cir
cles that this issue would bear 8 per
cent interest. Secretary Of the Treas
ury Houston issued a denial last week
Gates bearing interest Of per cent,
stating that he saw nothing in the
present situation to indicate that it
will be either necessary or desirable
to increase the interest rate on oertih-
Gates.
In view Of the action of the Re-
serve Bank in New York, for instance.
in advancing the rate on loans Sc
cured by certificates TO Q per cent.
bankers do not see how the Treasury
can sell certificates At q rate below
the discount established by the re-
serve bank. While the last issue Of
per cent below the rediscount rate.
that issue was Of a short maturity.
about six weeks. OF total subscrip-
tions Of $3ol.s77,oo0 to this issue.
more than 50 per cent was sold
through the reserve banks at New
York and Chicago, subscriptions in
other reserve districts running COM
paratively low.
Ersklne Gordon HensFed.
At meeting OF tho directors OF
the Continental Trust Company held
yesterday Efskine Gordon was elected
trust officer to all the vacancy caused
by the resignation Of James H Baden.
who recently accepted the position OF
cashier with the Commercial National
Bank.
Mr. Gordon Is a native OF Washins-
ton. and is graduate of George
Washington CniverBity Law School. He
made a brilliant record with the Ameri-
can expeditionary forces In France and
participated in some OF the herceet
engagements Of the 1918 campaign He
was awarded both the crotx de- guerre
and the Legion of Honor BY the
French government and also received
the distinguished service order. Al
though he had received no military
training other than the course Of in
struction at the Fort Myer Training
School. he was speedily promoted.
winning q commission az major In
France.
Maj. Gordon will assume his new
duties at once.
Capital Traction the Feature.
Trading in Capital Traction tea
tured the activities on tho local stock
exchange today. There were sixty
five shares of this stock sold In odd
lots at prices ranging from SS& to
SIN. Twenty-Five shares OF Wash
tneton Railway and Electric common
sold at -, while twenty-five shares
Of the eompanys preferred stock
brought 81. Five shares Of LAnston
Monotype sold At SlH, and ten shares
of Mergenthaler Linotype brought LII.
After call, when six of the seven
lots Of Capital Traction was seld.
there was one $1,000 50 OF the same
company to change hands At sax. also
two lots Of Columbia Graphophone
common. ten and fifteen shares. re-
spectively, sold at 40&.