Evening star., 1921-05-13
HEAVY PAYMENTS
DUE ON MONDAY
$50, 100000 of Certificate
Money WithdraWn-0ther
Big Obligations.
BY I. 4. FLEMING.

More than S56.iQo,oOo Will De tdke1
out of the national banks Of the ma
ton on Tuesday of next week in
liquidation of obligations to the gov
eminent arising from the April Ia
sale of Treasury certificates. 80 l-3 per
cent of the balance of the credit so es-
tahlished having been called by Secre-
tary Mellon, through the federal reserve
banks.
Following the heavy payments made
Yesterday on account of the April Is
issue and the March Is issue of GER
tticates. it is within the probabilities
that the money market may be di-
rectly affected, especially as tax
money is being withdrawn from the
banks in larger amounts with each
day.
on Monday of next week 1892. 2.000,-
900 Treasury certificates must be paid
Off
Interest is also payable Monday next
on coupons of the liberty bonds, sec
ond As and second "A
On the same day the allotments OF
the $3.50. .000. 900 new Great Northern
Northern Pacific 612 per cent gold
bonds will be made and must be paid
for.
According to bankers the improve
rn"nt in the credit situation prevents
these big movements from having any
special effect on the call money mar
krr
With the redeposit of a large part
Of the moneys 10 be paid over in the
hanks, money should be reasonably
steady until June Is. At that time the
government will have 100000. 600
certificates. On that date, also. the
second installment of income and ex-
cess profits taxes will become due.
The $500. 900. 600 certificates maturing
then were issued in anticipation of
taxes.
All the federal reserve banks are in
a strong position, with reserves at
high levels only Richmond and Dal-
las being under the so per cent re-
serve.
The system holds SIS per cent re-
serve ratio. which would seem to be
ample to warrant further concessions
in rates as 4 needed adjunct to any
improvement in business that may be
aided thereby.
With the reduction of brokers
loans to the point where they are no
longer a threat. the reserve board
should see that its regional banks
function in aid of business
No Action on Dividend.
At the regular meeting of the
Railway Company no action was
taken in the matter of the dividend
on the preferred stock. This does not
mean that the dividend has been
passed. as favorable action thereon
may be taken June u. wnen the next
regular meeting of the board will be
held
The distribution 2h per cent is
usually payable June 80. and there
is ample time between the 18th and
goth of June to make the declaration
and the payment. The same situa-
tion arose two years ago and dec
laration was made in June.
Net income of the Southern railway
for 1920. after charges and taxes
was i.716.149. as compared with
so,l41,5S7 in the previous year.
Graphophone Preferred.
The present price of the preferred
lshares of the Columbia Graphophone
Company. 35A bid and 36% asked, on
the New York Stock Exchange, would
seem to foreshadow the passing of
the dividend for the current quarter
Reports indicate that the company
has made some progress in inventory
reduction. and presumably with the
reduction OF its bank obligations.
No Life In Local Market.
Continued dullness, few orders and
no special interest one way or the
other featured today's session of the
local stock exchange A squirt may
develop almost any time. but the
chances favor a continuation of the
present dullness during the current
month at least, perhaps until after
the July disbursements
Gas 711 per cent notes sold at 10l y
and Railway a at 81. A sale Of Con-
ttnental Trust shares was reported at
104h-
Waller Heads Chapter.
W. ]. Waller. cashier of the Amer
lean National Bank. was chosen presi-
dent of the local chapter. American
Institute OF Banking, at an election
held last night.
w. A. Dexter was chosen vice
president Other officials were elect
ed as follows: T. Hunton Leith, secre-
tary; J. p. Mallory, treasurer. r. q
Ferguson, assistant secretary. and
J. ID. Yerkes, chief counsel
There was quite a fight on for the
positions as governors, fifteen nomi-
nations being made with but hve
vacancies.
The following were elected: Charles
II. Boyer, James c. Dulin. jr.: c. C.
Boswell, p. NJ Garnett and Louis
Pimpef.