Evening star., 1921-12-12
Electrical Equipment.
TREASURY OFFERS
NEW CERTIFICATES
By L. A. FLEMING.

Secretary Mellon announces this
morning two issues of Treasury GER
ttf1cates, offered for subscription De-
cember Is, the first six months certifi-
Gates series T J2-1e22, maturing June
Is. 1922. and series T D-1922 maturing
December 10. 1922, the first to bear
Az per cent interest and the longer
certificates. AZ per cent interest. No
long term financing was announced.
For the first time since the Treasury
Department has been Offering Treas
ury certificates. two innovations are
made.
The first, the mailing of the official
circular containing notice of the i'm
pending sale, to reach banks and
bankers as we'll as the public at about
the same time Gust as the controller
of the currency. sends out forms for
calls. mailed SO as to reach all ma
tional banks about the same time),
instead of making the announcement
Of the certificate issues from the office
of the Secretary Of the Treasury In
advance of general official notice.
The second innovation is found in
the fact that for the first time the
fixed upon any stated sum as the to-
tai subscriptions desired. Heretofore
minimum sum has BEEN stated and
then the Secretary would accept
whatever proportion of the subscrip-
tions he desired.
1t is probable that for the present
Offering all or the major part of the
bids will be accepted
The rates are higher than expect
ed. indeed higher than the last pre-
vious Issues. which were put out at
4 and ~ per cent.
That the latest issues will be free
ly purchased is practically assured.
although the slight increase in the
rates would seem to be a recognition
Of the fact that much money that has
heretofore been invested in recurring
issues of Treasury certificates has
been placd in investments. whore bet
ter rates OF interest are obtaina BILE
that investors have more confidence
in the stability of bonds and pre-
ferred stocks than they had six
months ago.
Richmond Rate Cut.
The Richmond Reserve Bank an
nounces q cut in its discount rate
from 5h to S per cent. After months
Of effort the institution has thrown
of the incubus Of frozen credits suf-
ficiently to eliminate entirely "bor-
rowing from other federal reserve
banks"
Tho reduction has long been expect
ed and should be help to business
LEGAL Securities.
On today's session of the local stock
exchange City and Suburban IS, bonds
Railway and Electrict Company. ad-
vanced sharply to a new high at So
Washington Gas 5s firm at 9OE.
Potomac Electric General Mortgage
and Refunding Is were only fairly ac-
tive. varying between 104A to 1041s
bid at the close and 104h asked.
Capital Traction shares sold ex-di-
vidend at 90A.
Ferdinand Petit, cashier Of the Citi-
zens' Savings Bank, Is scheduled to
speak before the elementary class
Of the Washington chapter tomorrow
evening on the Duties Of Receiv-
ing Teller"
Teller" covered by George o. Watson
a week ago. will either be postponed
or conducted by some other Official,
as Mr.. Watson fs giving his time
to the visiting delegation of A. B. A.
officials.
Last Saturday night E. J. McQuade
visited Huntington, W. Va, and or
The occasion was the annual meeting
Of the clearing house association of
that city.
The latter association agreed to
finance all needs of the chapter. and
the outlook for a successful chapter
is decidedly promising.
American Finance Corporation.
The American Finance Corporation,
Leroy Mark. president. has taken pos
session Of its new offices on the meg
canine floor, Commercial National Bank
building, where the accommodations are
much better suited for the the fast-in-
creasing business Of the company.
Seek Banks Aid.
A committee from the Clarendon
Trust Company called this morning on
John Poole at the Federal National
Bank. seeking tn temporary loan of a
Junior officer to supervise the trust
company until successor has been
named to Marshall Dinwic1ie, deceased