Evening star., 1921-09-27
CERTIFICATE Cash
/. IS CALLED FOR
-
Payment of s21, 500, 900 on
August Issue to Be Made
Tuesday.
BY 1. A. FLEMING.

secretary Mellon has called for the
payment into the respective federai
reserve banks on Tuesday next OF tne
$21,60o, 900 remaining to the creot OF
the Treasury from the proceeds OF the
sale of Treasury certincates oi
August 1. ;.
TIE banks have been fortunate in
being able to keep much OF TINS
money for nearly two months at the
low rate Of per cent interest, anu
they still have the entire proceeds OF
the large sale .7co Of n moeee S ana made sep
tember Is. 1t is not likely that much
of this will be withdrawn from the
banks until near the middle OF next
month. when other issures OF ceftlh-
Gates mature. a
Bankers can make good use OF
Der cent money, as there is an abun-
dance Of high-grade paper onering
at 5h Dor cent, and call money Is In
fair demand at per cent.
Six months acceptances are quoted
at to 81 per cent, and time money money
per cent.
There is small question, with the
great abundance Of money seeking IN
vestment. that rates should be lowered.
If it is possible. and economists say 1t
ury Of the United States. the enormous
increase in the stock OF the yellow
metal is to be regretted. In November,
1914, the total gold stock in the United
states was si,ss5.o9o,o 900. 1t is so,asns now
in every few days. the last importation
being $4.250.00o from Germany con-
signed to the Federal Reserve Bank OF
New York to the credit Of Belgium.
Bankers now say that the most seri-
Gus problem Is not to give protection to
the gold stock, but to stop the inflow,
although each dollar liquidates dol
lar of big credit balance.
With the current rates in New York
for loans. there is no reason why loans
should not be made here at less than
per cent; indeed many loans of the
higher grade have not been marked
above 6 per cent. II the Richmond bank
could only see its way to a reduction in
its discount rate local merchants would
AS it is. they are being penalized for
the benefit of the cotton and tobacco
interests.
Local Securities Neglected.
For some reason there was neither
action or especial strength in the stock
market on today's session Of the local
exchange, nor was there any especial
rush or pressure on the part of holders
of securities to find a market by Offer
ing reductions in prices.
A few odd shares of Lanston sold at
II and q smaller number Of Mergen-
thaler shares brought 11s.
Washington Gas was held at An
with 46A bid; 5Sh was bid and 50
asked for Railway preferred, and SSA
bid and SO asked for Capital Traction
shares, ex-dividend.
Bid and asked prices for bonds
showed no especial change either way.
Southern Lumber Exporters Associa-
ton desires that the United States give
approval to an issue Of Cuban bonds for
financing road and port improvements,
in order to stimulate business in Cuba
and New Orleans.
The International Finance Corpora
tion will pay Az per cent semi-annual
dividend on its preferred shares Novem-
ber 1 to shareholders of record Sep
tember 80, and per cent for the
quarter on the common stock, also pay
able November l.
A meeting Of the shareholders OF the
Banking Trust and Mortgage Company.
in process OF organization, has been
called for next Thursday evening at s
O'Clock. at the temporary quarters Of the
institution, 1909 H street northwest,
for the purpose of electing trustees and
the transaction of other business that
may be brought before the meeting.