Evening star., 1921-03-15
CERTIFICATE SALE
WILL Be LARGE
Banks and Investors Place
Biz Orders-Commissioner
Rudolph's Successors.
BY 1. A. FLEMING.

take very large SUBSCRIPTION 10 the
Treasury certificates of today's issue.
especially of the one-year maturity,
bearing interest at the rate of 5A per
cent. There is material less demand
ago, even the date for the payment of
the first inStaliment on the income
taxes for 1890 developing 4 materially
less inquiry for financial assistance.
Banks are, therefore, buying freely OF
the Trea Sury certificates.
The long-terin issue. paying oa per
cent. free OF normal income tax, is an
attractive issue. Hundreds of fnVeS-
tors prefer the government obligations
with absolute safety to taking c,iinces
in regular investment opportunities,
with a little larger returns but with
uncertainty as to the condition of the
market wnen a sale is necessary.
Moreover, the in5icat,"ns are teat
So per cent certificates will be worth
a small premium before maturity.
The offer is for $500. 100000 or more.
and the chances are that the sub
scrip:ions will be for more" by large
margin.
Washington will probably take in
the neigh borhood of $5.000,000. one
large bank taking over S2.o00.000.
Will Probably Elect Wednesday.
Directors of the Second National
Bank will meet tomorrow morning
for the transaction of such business
as may come before them. 1t is prob
able that they will then be called to
choose a successor for the retiring
president, Cuno H. Rudolph Having
assumed the duties of Commissioner
of the District, Mr.. Rudolph's resig-
nation has. in all probability, been
presented.
The vice president of the Second
National Bank. Samuel ]. Prescott, a
well and favorably known Washing
tonian, has been mentioned as prob
able successor to Mr.. Rudolph, whose
retirement from the banking business
is regretted, the regret being tenn
pered with the satisfaction OF the
banking fraternity with his appoint
ment as Commissioner.
Mr.. Rudolph is chairman of the
Clearing House Association, and this
is likely that this organization will be
called upon in the immediate future
to fill a vacancy by the election Of a
new chairman.
Local Securities.
Business on the local market was
quite active. Capital Traction SIS
brought 81. The stock sold at 86 to
85A and back to S5N, ex dividend.
Railway preferred sold at 5sA. and
Lanston was quite active between
72A and 72.
One sale of Potomac Electric first
mortgage 5S was recorded at S7h.
Bank Dinner.
This evening the directors Of the
Washington Savings Bank will do
honor to William NJ. Phelan. president
of the institution. at dinner rendered
to him and a theater party at Keith's.
Thus will the directors recognize
the good work of their chief in the
upbuilding Of the Washington Savings
Bank since he accepted the presi-
dency. one year ago.
The directors OF the bank at re-
cent meeting voted an increase in the
capital stock from $4,000 to 100000.
while it's deposits have crossed the
half-million mark and are expected
to show the effects Of a drive for one
million in the near future.
will be present tonight a large party
Of friends of the institution.
BeIated Income Taxpayers.
Belated income taxpayers were
making use of the available services
of the bank officials again today in
completing their return SO as to avoid
the penalty.
Announcement was made that the
Treasury Department has ordered that
Frierson in the matter Of transac-
tions made before March l, 1919, on
which no profit was shown, be igored.
AS a matter of fact the Supreme Court
will pass upon the question in time,
and until then it remains as it was.
Meetings.
The blue sky and call money COM
mittees of the District Bankers As
sociation will meet this afternoon.
Dinner AriI 20.
The annual dinner of the bankers
association will be given April 26.
Foreign Finance Corporation.
1t is understood that about $780,
900 900, slightly more. has been sub
Corporations capital and that the
company will make an effort to start
business in the near future with Is
per cent paid in, the remaining rs
per cent of the $100.000,000 capital
callable in installments. 1t is said
business without the entire $780,
100000 subscribed.
Wilson & Co. Deficit.
Wilson & Co., Inc, doing in 1920 a
business Of many millions annually,
closed the year with deficit of $780,
S5034 and they are Chicago packers
at that. The deficit was taken from
the surplus and the shareholders re-
ceived their $1.750.711.50 dividend Just
as il it had been fully earned. The
surplus is now $16,335. .73249
Guaranty Company Opens Local ONCE
The Guaranty Company of New York
has moved into it's new office, 81
18th street (ground floor. Southern
building), with a direct private wire
connection with its main Office in New
York.
The Guaranty Company of New York
originates and UNDERWRITERS new issues
Of securities of railroads. public utili-
ties and industrial properties. 1t has
a trained corps of men who thorough
" investigate the financial and phys
ical condition of these companies be-
fore offering their securities to the
public for investment. Its municipal
department purchases and offers for
sale bonds of states. counties and
cities Of this country. and also the OBJ
legations OF foreign countries.
The local representative in charge is
II. G. Pitts. who was formerly assist :
ant treasurer Of the Munsey Trust
Company.
In the same Office the Guaranty
Trust Company of New York Is rep
resented by Frederick W. Steckman,
whose Offices were formerly at TIA
Union Trust building.
DIVIDENDS DECLARED