Evening star., 1921-02-03
TREASURY IS USING
BIG PUBLIC CREDIT
Certificates OUTSTANDING
Against Loans and Taxes,
$2,381,159,5OO.
BY I. A. FLEMING.

The United States government has
outstanding 3S1,159.500 Treasury
certificates.
To this extent has the government
used Its credit with the banks and the
public With the exception of the cur
rent month and the month Of July
there are Treasury certificates matur-
ing every month for the balance of
the year. OF the total amount about
$506.000,000 were issued in anticipa-
ton OF income tax payments and ma
April Is $11s.6S0, 900 mature. May
16. $232.124.000 will become due; June
Is the second installment of taxes will
be due and $500 100000 tax certifi-
Gates mature: September Is. another
tax issue Of $341.ss4,5oo will be pay
able and S401 ,557 900 tax certificates
mature December Is. In addition
there are two loan issues Of $349,00O,-
goo that will be due August 16 and
October Is.
On the face of the situation it looks
OF the government through the
medium of the Treasury certificate
issues would be continued for a long
time to come; furthermore the refund
| ing of maturing victory notes appears
to be more or less of a necessity.
Bankers do not believe that the
government will be called upon to
| meet the high rate on certificates
again; indeed, some believe that the
per cent rate may top the records
to come. These certificates are now
| selling at slight premium.
Local Securities.
Trading was more diversified on
today's session of the local stock ex-
, change, while the sale of 100000
Washington Railway As at 5Sk, in
lots. helped out the volume of busi-
ness The price of the As is of
little from the last previous sale.
Continental Trust shares sold SPAR
fngly at 107. 106 and los and closed
with 106 asked.
Small sales of Lanston were made
at 7a% and TAN and of Mergenthaler
Potomac Consolidated 5s brought
S0A, Chesapeake and Potomac Tele.
phone SIS, 80, and Metropolitan Rail-
No Wage Cuts Considered.
From Judge Gary. chairman of the
board of the United States Steel Cor.
poration. comes the assurance that no
wage cuts have even been considered,
nor mas there been any plan made
looking to reduction in the prices
OF products of the big corporation.
Judge Gary declared that he con-
sidered the sales of German fabricated
steel in this market unimportant. al
eiiod6h duHulillIlS lHdt Iermdny WAS
making great industrial progress.
Assists Warrington Chapter.
At the last annual convention of
the District Bankers Association the
question of giving generous support
to Washington Chapter, A I. B., was
advocated and very generally agreed
upon by the majority of the dele
gates.
1t is admitted that the graduates
of the chapter are especially quail
fed for banking positions, and the
large number of junior officials Of
local banks who are graduates of the
chapter is further evidence of the
fact.
The Washington Clearing House
Association, composed of the national
banks of the city, has agreed to meet
any contribution to the chapter made
by the Bankers Association, up to
Gas Oil Advances.
Gasoline and crude oil are reported
cheaper by the edict of the Standard
Oil Company, but gas oil has recently
advanced from to IL IA cents a gal.
lon. An increase of 5 IA cents on a
gallon of gas oil will, according to au-
thorities. add about 20 cents to the
cost Of 1000 cubic feet of gas, as ap-
proximately Ia gallons of oil are re-
quired in the production. Gas COM
panies may be expected to seek higher
| AoeSS oOAoiC Aoh6s uHtcSS there Is a
decline in OIL
Rush to Finance Corporation.
The War Finance Corporation is be-
ing urged to make loans to finance ex.
ports to practically every country on
the globe, save Russia Germany is in
the market for flour, grain, cot
ton and cotton waste, and, although
technically still at war with her, we
are shipping millions of dollars worth
Of goods there. Bulgaria wants auto
mobiles; Rumania, farm tractors, food
stu6s and cotton; China, locomotives
ana tobacco. and so 1t runs through the
gxlhut Of production.
A Safeguard.
The Treasury Department has grant,
ed Baltimore bankers the right to
stamp owners name or the American
Bankers Association number of tho
cashing banks on all coupons from
liberty bonds. In this way it will be
easier to trace lost and stolen coupons.
The Baltimore Clearing House pressed
the matter to a favorable conclusion.
Washington might follow in the
laudable proposition