Evening star., 1921-09-09
BANKERS APPROVE
. OF new FINANCING
Believe Notes ard certifi:
Gates Will Sell! Readily at
Reduced Interest.
BY l.. A. FLEMING.

Inc puDllC generally ana bankers
as well We're prepared for the an
nouncenlent made this morning by
Secretary Mellon regarding certifi-
cate and note issues.
At the banks there was the usual
early call of investors to enter sub
scriptions, and many holders of
Treasury obligations maturing on the
18th instant gave orders for replac-
ing their investments in the new Sc
curities.
The reduced rates of interest made
no difference whatever in the minds
of investors, and while the total sub
scription may not be as large as that
for the August 1 issue of Treasury
cert1hcateS, it is believed the entire
amount offered by the Treasury will
be readily absorbed.
With call money offered at per
cent, extending into next week, the
bh per cent three-year notes are
especially attractive to conservative
investors.
July and August showed a net def
464.774.
The Treasury had a credit with the
national banks of the country this
The Riggs National Bank wired it's
order for customers and for the bank
itself for S3,350,00O of the new ISSUE
chiefly the three-year notes.
The June Is issues of government
securities, part notes and part GER
dncateS, aggregate 625,0Q0,O00.
Controllers Call.
The long expected call by the con-
troller OF the currency, for a state
ment of condition of all banks in the
District and of all nationla banks in
the country was received this morn
ing, the date sat being at the close
OF business September 6.
This allowed the banks to gather
IN the interest and dividend payments
or September 1, and in a measure re-
cuperated their losses in deposits.
FINAL compilation will be made in
due time and no attempt to predict
either gains or losses in this column
dlctlons of severe losses made by
bank representatives with inside
knowledge of reductions in govern
ment employees, etc. have not been
realized
Some banks have no doubt sustained
heavy losses in deposits, the natural
result of government financing. for there
nave been heavy sales of certificates
since the date of the last previous call.
June 80. although but one issue was
put out. that of August 1, and it is
from the proceeds of this sale that the
Treasury still has a large credit with
the national banks.
1t will require the final figures to in
dicate with any degree of correctness
whether the deposits of September
Will show much loss or gain in COM
parison with those of June 80
The chances are that there will be
a loss. though many banks will re-
port gains.
Conference Ended.
The conference of the "blue sky law
committee of the Investment Bankers
Association has adjourned sine die.
The members of the committee ex-
pected to discuss legislation in the mat
ter with members of Congress, but did
not change their date when Congress
adjourned.
There was considerable difference
of opinion among the committee re-
garding blue law" legislation, so
that its meeting here was without
potential results.
Local Bonds Firm.
Local bonds continue to move free
~ at the daily sessions of the Wash
ington Stock Exchange. Prices today
were firm at "a for Railway general
6s. 611 y for Railway As and 1921 for
Gas 71a per cent notes.
sale of Capital Traction was made
at 81, indicating improved strength.
Personal Mention.
Francis NJ. Savage, president of the
Northwestern Savings Bank. who has
spent the summer at Three Hills, near
Warm Springs, Va, has returned to
the city. Three Hills is the home of
Mary johnson. the author.