Evening star., 1921-09-20
BANKERS LOOK FOR
FEDERAL LOANS
Expect Short-Time Certifi-
-+
Gates at 4 3-4 Per
Cent. ~oa
BY I. A. FLEMING.

Bankers do not believe that the gov
ernment will be called upon again to
pay as high for its money as il did
on the last combined Offering of notes
and certificates. ~
The government has profited by the
lowering Of rates and the abundance
Of money seeking either temporary or
more or less permanent employment
pending the time when conditions shall
warrant the use of the funds in resu-
lar channels. and will materially re-
duce rates.
This is the Interpretation that
bankers placed on the comparatively
small amount Of the aggregate bids for
the September Is issues that Secretary
Mellon accepted.
would be much of a subscription fo,
The short-term certificates bearing bur
per cent interest, and yet the bidding
showed that even per cent was a de.
Sirable rate
Gradually the offerings have been re-
ouced from the per cent rate on the
certlhcates issued December Is, 1920,
to So in January. 1921. TO 5la in
august and to per cent as the low
OF the September Offering
Bankers anticipate per cent as the
probable high for the next issue, with
perhaps Z for a short-term certiG-
cate.
Washington investors have been for.
tohate IN getting large part of their
ceTtincate and note orders filled
tnrough the generosity of one of the
banks.
LOcni Securities.
business cn the local stock ex-
change seems to hold up from day TO
Gay, without material increase or de-
crease in volume or material chan-e
In the matter of prices
Prices have settled around a level
that IS reasonably well maintained
and at which a fair exchange is con-
summated between buyers and sellais
daily.
Capital Traction SIS are pegced al
sI3, and general 6s of the Washing
ton Railway and Electric Company a.
S5Iz.
Capital Traction stock. ex-dividend.
30. National Bank of Washington
remains steady at $50. the trading
price. while few shares of Lanston
sold at ~.
Money was 51s bid and per cent
asked.
Gold. coin and bullion in the United
September /. at s3.377.4I7. $50. an in
crease of $685., 2,53s.553 for year 1871
to date named. Each month of the year
mas shown large increase in gold i'm
ports, and September will not be an ex-
ception to the rule. II evidences in no
uncertain manner the strenuous ee-
forts that foreign nations are maxim.
to maintain their credit in this coun-
try as best they can.
Buyers of Raflroad Notes.
The buyers of the sa0204. 900 rail-
road equipment notes sold by the
War Finance Corporation yesterday
were Brown Brothers d Co. Lee IIir-
genson & Co, and White, Weld & Co.
The securities. which bear & per cent
interest, were sold at par and accducd
interest.
what Employment Figures Show.
Official figures of the bureau of sta
tistics. for nine of the fourteen prin =
cipal industries for the month of Au-
gust as compared with July. show an
largest increases. 5.5 per cent, 80 per
cent and 4.S per cent, are in hosiery,
mems wear, iron and steel and ooois
and shoes. respectively.
A decrease of So per cent is shown
in automobiles and l.6 per cent In
bituminouS coal.
In comparison with August, 1920,
the statistics show an increase of l1i
per cent in employment in the wool
industry, which bears out the reports
OF rehabliitation in this line. De-
creases of II per cent are shown in
iron and steel. 35.l in car building
and repairing, 35.S in auto building
and 3S.S per cent in paper making.
Local Gas Companies.
Howard S. Reeside. president of the
Washington Gas Company, is au-
thority for the statement that the
company is doing an excellent busi-
ness and the figures made public this
morning, would seem to bear out
these views. The net corporate in
come of the company for the month
of August was given as s29.5S3, as
compared with $11,461.13 in July, and
with u deficit for August, 1920. =
The Georgetown Gas Company
turned in a clean profit for the month.
sf August of s1,45O10.