Evening star., 1921-03-09
warming GIVEN
:. BY MR.. MELLON
More Treasury Certificates.
f.. Calls for $4,000, 900.
! Bankers Visit President.
BY /. A. FLEMING.

. a. r
Secretary of the Treasury Mellon
has held his position but a few
days, practically hours, and yet ne
has seen enough to warrant the old
fnancier sounding a note of warn
ing as to the urgency of the need of
thrift on the part of the American
nation.
He was by no means iguorant Of
conditions in the Treasury Depart
ment before he came to Washington.
An inside view of the real status OF
the long list of foreign and domestic
debts to the government. coupled
with the knowledge which he has or
the fact that il is impossible to make
any accurate comparison of 1871 10
come taxes compared with 1920, as
the losses sustained in investments
and in business in the price-cutting
campaigns will unQuestionably large
ly reduce payments and eliminate
many former large payers from the
list entirely, has brought thus early
the warning.
The Secretary did not use a mega
phone. but made quiet statement
that should not be without its effect
in reducing speculation of all KINDS IN
eliminating extravaganza.
One thing is certain. and that is
there will be an issue of Treasury
certificates from month to month as
obligations mature. and the banks and
public will carry the government
along until the large issues OF Treas
ury certificates now outstanding, over
$4,000, 900, ,O00, shall have been funded
Announcement was also made yes
terday of two issues of certificates Tor
March Is, total of 00,00O,OOO or
more. one maturing September 10.
bearing 5 J: per cent, and one running
for one year at "a per cent.
MaturitieS to an aggregate OF $685.
100000 are coming on in one to six
weeks.
Government borrowing. made abso-
lutely necessary through the generous
and lavish loans to foreign nations
and to the railroads of the country
and lessened receipts. continue to
keep the money market from easing.
That both certificate issues will be
quickly picked up is evidenced from
the large amount of money seeking
safe investments, which holders will
not risk in the speculative markets.
and 10 whom foreign bonds are no at
traction.
Fortunately the demand for money
is letting up slowly. Finance corpora
tionS all over the country are helping
out the monetary situation through
their purchases of accounts receivable
and are doing excellent work in this
respect.
GraphOphone Annual Meeting.
The annual meeting of the Columbia
H1dpNOpnOHe company Will De neiQ at
bridgeport, Conn, March %. Election
of directors. ratification of the acts of
the directors during the past year and
OF the executive committee are i'm
portant features of the meeting.
Proxies run to C. W. Cox. c. w. Wod-
drop and F. ]. Ames. Preferred stock
holders have no vote.
Local Securities.
As rule prices were just a shade
lower on the local exchange today.
Great interest is taken in the prob
able appointment of District Commits
sioners. Action of several associa-
lions and statements by leaders in
these organizations evidently favor
able to return to lower utility rates
for service rendered may have been
responsible for the slight concessions.
Gas notes steady at 1907: Potomac
Consolidated 5s sold at S21 ]. and the
first mortgage bonds at So.
Railway As brought 5sA. Washington
Gas IA.
Calls for $:s,OO0 900.
Call for one-third of the money on
deposit to the credit of Treasury GER
tfcate sales of February Is was made
late yesterday. This win withdraw
anout s28,0e0.000 from national banks,
and Will leave about $4,000, 200 to the
credit OF the Treasury in the banks.
Dividend Declared.
Directors of the Union Trust Com
terly dividend of Il per cent, payable
April 10. to shareholders of record
April /, books being closed April
To -, inclusive.
Bankers Call on President.
Robert y. Harper headed a commit
tee of the District Bankers Associa-
ton this morning in a call on the
President, extending a cordial invi-
tation to a dinner to be given by the
association at later date.
In the delegation were Joshua
Evans. jr.; ". ID. Rosenberg. Harry
V Haynes w. II. Cooper. w. W. Spaid,
C0rcoran Thorn and Il. y. Harp.-
The President gave expressios to
the pleasure il would give him to be
present al get-iogether dinner with
the financial men Of the city. but Of
fered press of business as an apology
for refusal 10 give an explicit answer,
assuring the committee that he would
do his best TO be on hand.
Arrangements will now be perfect
ef for the dinner with the belief that
the President will attend
Bank Is Expanding.
The southern Maryland Trust Com
p@nJ Is the name now adopted by the
former Farmers and Merchants Bank
OF Seat Pleasant. Of which Frances
Csrmody Is president.
The bank has increased its capital
70 100000. and has a surplus of
$4,000
The Southern Maryland Trust Com
pany Is sbou, ready to open a branch
a. CppSr Marlboro, having construct
81 fne bank building. fully equipped
for banking business, and with a
magnificent fire and burglar proof
vault. with steel walls four inches
thick. In this respect II differs from
the great ma jority OF country banks