Evening star., 1921-11-15
Bic. OPERATIONS IN
TREASURY: Finance
BY 1. A. FLEMING.

Secretary Mellon this morning
made the first call on the proceeds OF
the November L issue of Treasury
certificates. asking for payment by
Thursday Of th.s week of S per cent
Of the fund on deposit with the sen-
At this the same time banks were re:
requested to pay In on Thursday an
of tho balance of the proceeds aris-
ing from the sale Of notes ana Treas
ury certfffcates on September Is:
.sou. as sssoop.Seo. ;xS ess%ehss but Win have no
effect :wh" tever on the money mar
ket, as the Treasury is today paying
out some $70.e00,000 interest on ac,
count Of the second per cent anu
second ~ per cent liberty: :iah bGnos wsre ane
the az per cent liberties wnich "eFe
converted into these issues
Tomorrow a matter Of $7.000.0oo IN
terest on Treasury certificates, issue
Of May 1s. 1921. will be payable.
Thus the Treasury will pay ou'
much more than it will receive anu, .n
in any event. the money market Is 80
elutted with funds that 1t will not oe
affected by Treasury deposits or WIFI
drawals.
Active Local Trading.
Today's local market rejected very
strongly the improved position OF tne
public utilities Of Washington. inere
were many buyers. and the oHerinSs
were quickly absorbed.
Potomac Refunding Is were the
most active features. Heretofore the
buying has been confined largely TO
$1,000 lots, but today they were sold
in round lots. for total of $4,000 al
10a. Evidently the issue has found q
lodgment for the time being at these
figures, and in the event OF the piesa- sn-
ora of money continuing and other
bonds, paying even less interest. are
sold near this figure. it may be that
there win be some advance from lo3;
This ia not probable, however, until
the market has absorbed a larger part
nent lodgment.
Washington Gas IS sold at s2h.
Interest in today's session. after
Is, centered largely in utility shares.
Railway common was active al a
:. new high on this movement. seillng 20
40. or is points Of the low OF few
months back. =,
It is known that some of the d.
rectors Of the Washington Railway
and Electric Company are In favor
of using part of the impounded $2,-
100000 Potomac Electric fund Tor
the payment Of a dividend or divi-
dends on the common stock of the
railway company. in the event OF
the United States Supreme Court up
; holding the decision of the Distrlct
Court Of Appeals in regard to the
valuation of the Potomac Eiectric
Perhaps this may have had some
effect in Strengthening the railway
shares.
selling to 64h and then to 65-
Capital Traction stock brought 60
= being decidedly firm. Mergenthaler
was strong but nominal, 12S being
bid, none offered. 1t is matter OF
comment on the part OF members o1
the exchange that there were nc nc
several days. of Mergenthaler stock
from out of Washington sources
which. would seem to Indicate gen.
eral stiffening of views by share
Lanston sold sparingly at 72h. in.
dtcatins a fractional improvement
from recently bid prices
A Thanksgiving Offering.
At meeting of the directors Of the
Riggs National Bank. held yesterday
the following resolution for addition
al COMPENSATION to be paid to en-
ployes OF. the. bank November 25' was
authorized.
TO such employees as are now and
who were in the employment Of the
bank July l. 1921. sum equivalent
to one months salary" -,
I'm making this announcement 1t was
the understanding that the employees
Of the bank should be Informed that II
IS the purpose Of the bank to continue
the payment Of additional compensa-
tion should the earnings Of the bank
Justify the same and should living
costs continue materially above NOE
NAL hgurles.
'sThe additional compensation, there
fore, Is not contemplated as a permi Il
nent policy Of the bank other than as 1t
relates to these two factors: namely.
sH1 st9n1 costs ns saisrW pVs ad,nstments r will
take care Of normal conditions and
additional compensation is only in
tended to take care of abnormal con-
dItions. MILTON E. ALLIES,
"PreSidenf