Evening star., 1921-09-08
EXPECT Certificate
AND NOTE ISSUE
Probable Financing Septem-
ber 15-Chairman Build
ing Project Named.
BY /. A. FLEMING.

BY I. A. FLEMING.
With less than a week before the
announcement from the office of the
Secretary of the Treasury as to the
character of the financing to be car
ried out September 15. with the
public and the banks on the buying
end. there is considerable interest and
no little speculation as to plans OF
the Secretary for the date named.
It is recalled that June Is. the oc-
casion of the second installment pay
ment Of income and excess profits
taxes, q matter of S625,OO0,0OO OF Sc
curities were fioated by the govern
ment, divided-part three-year notes
and the balance certificates.
This action was in line with the
policy of the Secretary to consolidate
the floating debt of the United States.
as represented by Treasury certih-
Gates.
This suggests like action for Sep
tember Is. this being the date of pay
ment for the third installment OF In
come and excess profits taxes, so that
we are likely to have both an issue
of notes and one of certificates.
The matter of the interest rate Is
one of pure speculation. but as the
reserve banks with one or two excep-
tions have lowered their discount
rates since June 10, anu Call iiioHCS
has found a new low level, it is within
the probabilities that note issue will
bear a rate under the 5A per cent OF
the June notes and the certificates
slightly under the 51a per cent car
ried by the issue of the same date.
This would seem to indicate prob
able 151a per cent rate on notes and
5A per cent on certificates.
One thing must be taken into con-
sideration in the marketing Of the
September Is issues, and this is the
very heavy investment during the last
few weeks in municipal, railroad and
industrial corporation bonds, the re-
newed confidence in securities unques-
tionably attracting considerable
part of the money that has recently
been finding it's use in certlhcates ana
notes, both of which are eXceiehl
collateral for loans.
It is more than probable, however,
that there will be more than Sut1l-
cient demand for the new issues, pro-
vided two issues shall be offered on
the 18th instant, to absorb the offerings.
and bankers are advising clients who
have intimated a desire to reinVest
proceeds of expiring certificates and
intending buyers of new issues, or one
issue as the case may be, to get their
orders in early.
Maturing obligations September Is
are series TS-1921 and TE2-1921.
Chairman Building Committee.
j. B. Larner, president of the Dis
trict of Columbia Bankers Associa-
tion, this morning named Frank =.
Reside, secretary of the Equitable
Building Association. as chairman of
the committee to undertake the erec-
rious financial organizations of the city
generally, and especially the District
Bankers Association.
This project was broached by Mr..
Larner, in his address following his
election to the presidency at the last
convention of the bankers association
at White Sulphur Springs, as "one of
the ambitions which he hoped to see
realized. or at least started, during his
administration
Mr.. Reside Is one of the leading
bank men of the city. being a director
of the National metropolitan Bank
and also director and a member of
the executive committee of the WASH
ington Loan and Trust Company. He
will have the selection of his asSo-
ciates on the committee.
The new chairman has not had Suf-
ffcient time to give much thought to
the problem that he and his commit
tee will have to solve He under
stands that the erection of a perma-
nent building for the bankers at this
time may be a little too much to ex-
pect. but hopes that the committee
will be able to at least house the as
sociation, the Clearing House, Stock
Exchange and the local chapter Insti-
tute of Banking, under one roof. He
will hold several consultations within
the next few days and then announce
the personnel of his committee.
No Call for Cash.
The morning passed without a call
for cash from Secretary Mellon, or a
call for statement from Controller
Crissinger.
The Treasury has a credit of $172,-
100000 with the national banks .aris-
ing from the sale Of certificates dated
August /.
Evidently few of the maturing GER
tificates. payable on or before the
Is instant, will be presented. as the
interest, per cent and 5k per cent,
is sufficiently attractive to keep the
certificates locked up another week.
ID. r. Crisisnger on New Banks.
In one of the financial publications
the controller of the currency, D. r.
Crissinger. has this to say:
There are too many banks. Last
year f1fty-two applications for ma
t1onal banks were voluntarily aban-
doned. sixty were approved and nine
ty-one rejected.
TT is unaccountable in times of
great stress. of financial upheaval,
tnat tnere Should be SO many appli-
cations for new banks and so many
with proposed capitalization under
S50.00O"
Apropos-a new savings bank, at
Thomas Circle. south side, is said to
be getting ready to open for business
There are two coming in in Wood
ridge.
Local Securities.
Bonds were in active demand at
1914 to 741s for Georgetown Gas SIS. a
gain of AZ points in a week; 61h for
Railway As. 7S1s for Washington Gas
Is, 961s for Potomac general 6s, and
1U23s for the 71s per cent gas notes.
VIII Elucidate Ranking.
The Italian colony in Washington
Is to be given free course of educa-
tion in modern financial methods, ac-
cording to announcemet made today
by Col. NJ. A Winter, chairman Of the
recently formed Roman Trust Com
pany.
Public meetings will be arranged
and addresses will be made by Bruno
Bagnoli, late secretary to the naval
attache of the Italian embassy; A.
Mistretta and others.
This is the first intimation of the
change in the name of the trust COM
pany. originally referred to as the
Bankers Trust and Mortgage.
PARIS BOURSE PRICES.
PARIS, September S.-Prices moved
3rregularly on the bourse today. Three
per cent rentes. Sc francs SO centimes;
exchange on London, 4S francs IS