Evening star., 1921-07-19
BANKERSEXPECT
AUGUST FINANCING
Look for Certificate Issue
First of Month-CalI
for Cash.
BY 1. A. FLEMING.

By 1. A. FLEMING.
Bankers anticipate u change from
the usual midmonth financing by the
government and the issuance with
August / of Treasury certificates in
considerable volume at 81: per cent,
perhaps a little under this rate.
From the June Is sale of $500
100000 securities the secretary OF
the Treasury provided for the July
Is maturities and also for Slo ). 2Ouoo
certificates maturing August 10, set
ting the sum aside for the purpose
named.
Secretary Mellon has been steadily
drawing down the credits In the ma
tional banks arising from the sales
of notes and certificates June Is. and
the chances are this credit Will pc
entirely exhausted by August l. II
not sooner.
Banks are paying a call for 25 per
cent of the remainder of the credit
today and have been asked to pay
in Is per cent more on Thursday of
this week.
This last call will take little
over SIS 900 900 from the banks and
leave about sS5.0O0,000 available. 1t
is this small amount that causes
bankers to look for an issue of GER
tificates August l.
The war debt of the United States
on June 80 showed a drop from the
peak of S26.596.I0 GAS, August 81.
1919, of s2.61s,2 600. During the
last fiscal year the reduction totaled
$43I.947243, and there was also
reduction in the gross debt of S321.-
S70,915.
All issues of Treasury certificates
now command a small premium, and
the banks have liquidated their hold
ings very freely and are anxious to
buy more.
Good Investment Buying.
in, do
mand for public utility bonds on to-
days session of the local exchange,
an aggregate of $4,000 of the favor
lite issues changing ownership.
Prices were relatively steady and
without material change.
Gas IS brought 76A; Capital Trac-
ton 5s. S71a; Railway As, 6ll2, and
Potomac Consolidated 5s. So.
A few odd shares of stock sold, but
nothing of Importance.
Plan Bond Issue.
The New York Central has asked
S4,425, 900 per cent consolidated
mortgage bonds for refundng Il like
amount of New York Central and
Hudson river y per cent gold bonds.
b. & o. Cuts Wages.
Baltimore and Ohio general offices
announce the first payment of wages
for the first half of July. in the re-
UuCeQ scale, SldTI[Nb ip
fective on the same date salaries OF
general officers. division and monthly
employees were also cut. although it
is admitted that these officials did not
receive advances on the rising waee
scale in ratio to that of other en-
ployes.
New Savings Bank.
Announcement is made of the pro-
posed opening on Monday, August l.
of the new International Exchange
Bank, to be located on the corner of
5th and H streets northwest. The
capital of the bank $&uo.Coo. Is sad
to have been placed largely among
leading Italian business m,n. this
interest being evident by the list oil
officers and directors.
Joseph Schavone will be pr"Gid hrt ard
Cav. DR.. Salvatore Floria. the royal Ital-
ian consul. is to be vice pres. dent.
There have been some rumorS of
preliminary work on the organization
of bank in which Italian intCT ST.
were to dominate, but the large rep
resentation of this nationality and -.
representative Greeks on the list of
shareholders in the Banking Trust
and Mortgage Company. In process OF
formation, seemed to suggest action
in that direction.
Joseph Shiavone, the new presi-
dent. was formerly newspaper man
at Trenton. n. j.. but came to Wash
ington some years ago. that his
knowledge on immigration problems
might be of avail 10 Senator MARITIME
of New Jersey.
His entrance into the banking husi-
ness is but natural. as he has long
been useful to his countrymen in
sending money back to Italy and in
advising on fna ncial and other mat
tiers. He was large buyer and SELL
er of lire exchange and held
license as private banker.
Mr.. schiavone declares that Post
r-E-f t,vpo o.,ypt
that there are millions in stockings"
IL true.
The International Exchange Bank
will have the business already es-
tablished by its president and is as
sured a large line of deposits. 1t
will do a large exchange business
and will represent Italian and other
steamship lines.
Allan l.. walker & Co. are offering
an issue of 100000 first mortgage
per cent bonds, secured by the
new belmont Iuiiding, including
theater and stores. to be located at the
corner OF 14th and Florida avenue
northwest.
Hoke smith. former United States
senator. is the president of the Bel
mont Building Company, which is
sued the mortgage covering the
bonds. The latter are offered in de-
nominations of 500. $500 and $1,000;
Monthly payments are provided to
when due, one-twelfth of g amount
maturing yearly Serial maturities
offer the opportunity for the investor
to make selection of maturity to
meet his desires in the matter.
Principal and interest are payable at
the Munsey Trust Company. At the
price offered, IT is stated, the yield
on the issue will be close to IA per
cent Bonds are registered as to
principal.
Look for Note Issue.
Bankers are anticipating a three
wear note issue in the federal f1nanc-
ing for the month of August. The
success of the first of these notes.
when S3l1, 100000 of So. per cent
three-year notes were taken by the
banks and the public, should encour-
age another test of the short-term
notes.
tificates mature. and month later,
September Is, when the third tax in
stallment will become due. $3.50 100000
of tax certificates mature.
There are those who think that the
usual midmonth periodical financing
NAV be changed by an issue of notes
or certificates with the advent of Au-
gust.
been drawing steadily on bank credits
arising from the note and certificate
sale of June and has but a little over
s10o 900, 900 still to the credit of the
Treasury in national banks.
1t is likely that the credits will be
exhausted before the end of July.
nruYnrnnc nEcT AREn