Evening star., 1921-12-05
TRIPLE FINANCING
MAY Be IN ORDER
Bankers Views on Treasury
Operations December IS.
Local Stocks Strong.
by !. A. FLEMING.

Bankers are beginning to discuss the
probable character of financing that
the Treasury Department will under
take on the 18th inst.
While there is fairly large balance
of cash to the credit of the Treasury
in the national banks. it will not be
sufficient for the needs of the Treas
ury over the midmonth period.
The latest financing. certificates at
and Il per cent, probably represents
the lowest rate that any large amount
of certificates may be successfully
marketed, nor do bankers look Tor
any attempt on the part OF the
Treasury to secure funds at lower
figures.
A large amount of money that has
heretofore found employment and safe
ty in Treasury certificates for months
has been transferred to other forms OF
investment. generally into public utll-
ity and corporate bonds, at rates nat
uraliy out OF all proportion 10 the re-
turns on government securities.
1t is thought by some bankers That
a triple financing movement may be
announced, short-term certificates,
one-year certificates and possibly the
usual quarterly issue of three-year
notes. the money market having
reached sufficient stability to war
rant more permanent financing.
Taking the list Of outstanding bonds
of the United States government. the
only issue near par is the victory
notes. paying AZ per cent, and they
closed on Saturday just 2 cents under
par. Nj the short-term Treasury
certificates are quoted at par or bet
ter, and also the three-year notes
A banker speculating on the prob
able rate of interest of December 10
government financing. named per
cent as the probable rate for the
short-term certificates. Al for the
one-year certificates and Az or 4st
per cent for the three-year notes.
Reception to Bankers.
The District Bankers Association
VIII give reception to officers of the
American Bankers Association and
to the personnel Of the administrative
committee of the A. r. A, at the
Racquet Club, on Tuesday evening of
next week. December 13
Many of the leading business men
of the capital have been invited by
the bankers to meet the A. B. A orti-
cials.
G. o. Watson to Address Chapter
Tomorrow evening at the regular
meeting of the Washington Chapter.
American Institute of Banking, George
.. Watson will lecture on Duties
of a Paying Teller" One of the chief
cuties OF the average paying teller
these days is to pick out the raised
ones and tWos. There is scarcely a
day goes fy that raised bills are not
stopped on their rounds by the watch
full tellers. also counterfeits. although
the latter are not nearly as numerous
as the former
+. G. Addison, jr., will conduct the
quiz on Interest and Ownership Ger
tificates.'
Opening Reception
The Chevy Chase Savings Bank.
Connecticut avenue and Mckinley
street, Chevy Chase. will hold a re-
ception and formally open its insti-
tuition this evening from s to 10
o'clock.
The people of the delightful suburb
have pride in their new home ven
ture and the outlook for its future is
encouraging.
Local Securities Strong.
While trading was not especially
active on the local stock exchange
there was a decidedly strong under
current in the market that presages
well for the future of local securi-
ties. The bid and asked quotations in
dicate strength. being farther apart
than usuai. in that small fractions did
Dot prevent trades. but large frac-
tions and points.
In the case of Potomac IS. 1899.
was bid and l04 u asked: all the pub
lie utility issues were firm.
Washington Gas brought 4724, Capt.
tai Traction shares, S9l2; Railway As
63 Il; Potomac general 6s. 9Sl- and
little Mergenthaler brought 122 y ex-
dividend.
A sale of Continental Trust stock
was made at 9912, not of large
amount. but at large advance over
the last previous sale
No decision has been made by the
government as yet regarding the re-
turn of property held by the Gus
todian of alien property. 1t may be
some months before the matter is dis
posed of by Congress. where four or
five bills intended to govern this mat
ter are quietly reposing in the House
committee on interstate and foreign
commerce
These are not likely to be given any
consideration during the arms par
ley.