Evening star., 1921-11-23
FEDERAL Financing
IN NEAR future
Treasury Certificates in De-
cember ProbabIe-Notes
Doubtful.
:. ny /. A. FLEMING.

IueFe Will pFOD6ply DC NO AeOefdA
financing through Offering Of Treas
ury securities December 1. although
the Treasury will, in all probability.
find it necessary to float certificates
to take up part Of the $40l,557.500
Treasury certificates due December,
Is. being series T-D-l921. bearing 6
per cent interest. '
A call for about $fs 100000 proceeds
of the most recent sale of certifi-
Gates, was received yesterday and
will be paid In to the various re-
gional banks on Friday, tomorrow
being a national holiday.
This will leave about Si5o.000.o00 OF
the proceeds of that sale remaining
in the banks.
December is the Anal installment Of
income. taxes Is due and payable. The
maturing certificates. 0ries I'd
1921, are acceptable for income taxes
and 1t may be that sufficient amount
will be rendered In payment for such
obligations, so that the Treasury may
not have to borrow to meet the ma
turity, however. as there is no know
ing just what proportion Will be ap-
piled TO taxes. the Treasury will be
prepared for eventualities.
1t has been the habit OF the Secre-
tary of the Treasury. on dates on
which quarterly instaIlments' of in
come tax payments were due, to put
out an issue of short-term notes. .
shcrt-term note issue may be fioated
December Is, but the general opinion
is that the declining, money market
and the success attending the mar
aeting iia Of the ~ and AZ per cent
duce Secretary Mellon to wait until
later date before putting out more
three-year notes.
Local Market Interesting.
Action in the local security market
, today was decidedly interesting. There
was considerable activity, scattered
throughout the list, including the
utilities and bank stocks and the
shares of. .Mergenthaler
Bonds were active and reasonably
hrm, the slight concessions granted
being given by holders with inpera-
tive selling orders. Tomorrow will be
Really the weakness, such as devel-
oped in public utilities. could be called
nothing more than shaded concessions.
Potomac consolidated SIS. s7N: Rail-
1914 to the extent Of $500 and this
price bid for more. Riggs Realty.
long-term 5s brought 30. Gas TVS,
notes.. 1O4A.
Mersenthaler was the leader in the
snare list, making another new high.
this time at 134 and later at 135. The
advance has been steady, with few
sales, for the last few weeks.
Bank shares furnished some interesting
developments. Commercial National was
offered at $50, with 12s. bid. Continental
Trust sold to 90 and then at SS1s, both
prices new lows on the shares Amer
lean National brought 157 and Union
Trust sold at 11Sh.
Bankers in Other Business.
Bankers have. from time to time. been
compelled to acquire interests In other
lines OF business as protection to their
own interests. This year more than
ever. in the rigid adjustments that .lave
taken place there has been more than
the usual amount of this going on.
Four large banks. Atlantic National
of New. York city, Corn Exchange Ma
tional of Chicago, Continental CONNER
cial National Of the same city and. the
Omaha National of Omaha. have Just
acquired the great and largest Touring
mills west Of the Missouri river, the
Wells, Abbott, Nieman mills. The price,
$4,000. and the estimated value, $780,
900. The company was heavily indebted
to the banks before it failed.
Bank Clearinss Decrease.
Bank clearings of the larger cities
continue to decrease right along. New
York is the leading sufferer in this re-
spect, yesterdays showing being $124,-
S07.419 of from the corresponding
SeS Say asf ssst sseo aod
Kansas City. s5.455.2ss. in the same
comparison.
Calling NOtes.
The Bethlehem Steel Company has
called for payment, series d. per
cent gold notes. interest ceasing after
January 16. 1922
Bankers Meeting.
The District Bankers Association
will meet Thursday evening. Decem-
ber !. In the assembly room OF the
Cosmos Club. Entrance on Madison
place.
Guaranty Trust Resources.
The statement of condition of the
Guaranty Trust Company of New
York, as Of November Is. 1921. issued
today, shows total resources Of $542,-
223,313.90 and deposits Of $425,S57,-
45207. Capital, surplus and undivided
profits total 41,552.791.10, and notes,
bills and acceptances rediscounted
with the federal reserve bank amount
to $17,925,000.