Evening star., 1921-06-28
SECRETARY CALLS
& FOR %5,0D0,0(O
Saving in Interest Warrants
. Anticipation eadiflcate
Maturity.
BY I. A. FLEMING. .


quested all national banks. holding pro-
ceeds arising from the sale Of Treas.
ury certificates Of date June Is. to pay
into their respective regional banks
12h per cent of such funds not later
than Thursday a mis- wee4s
THIS payment will call for $65.ooo,'
600 in round numbers, and will still
leave the banks debit to the govern.
ment a matter OF $454.000.000.
On this amount the Treasury re-
ceives interest at the usual rate or
government funds of per cent. while
the Observation-Disclosures that will ma
suss 3s!y per peiiey efns ifesfeh. for she
~ ~ $Iee4pate interest and
HrkT7S11b6Ses1ANof these certificates
to date of payment as holders are will.
ing to retire. but the chances or any
large number OF holders accepting the
proffer of Secretary Mellon are not con-
sidered very promising.
Investors who place their money In
the certificates are looking Tor interest,"
secondary to safety, and. as certlhcates
are automatically retired, periodically
the same people are found relnveStinS
in the refunding issues.
Local stocks Neglected
There wasn't enough doing on to-
the daily session interesting. sale
of Washington Gas IS was made at AZ.
Odd lots of Railway preferred
brought SO, and a single sale of Capital
Traction shares was made at 81 ".
Accepts the Appointment.
George w. White. president of the
National Metropolitan Bank. appoint
ed by John B. Larner, president OF the
District Bankers Association. as
chairman of the ways and means
committee of the association, has ac-
cepted the appointment, which car
ried with it the right to name his as
SociateS on the committee.
Mr.. White has named as his aSso-
ciates w. T. Galliher, C. F. Jacobson
H. H. Mckee and Rolfe 4. Boiling.
This committee should have no trou-
Bile in raising all needed funds.
Adjustment Of Freight Rates.
tass Sssue Is Of CANS A. siFsg.ss sl51s8ss,lAd lE51s8slAd
adjustments that are being made0Ha
freight rates. 1t credits 1.271 reduc-
tions in westbound rates to June 3,
153.319 in eaStbound rates and 40 in
export and import rates.
Seventy reductions were made on
hay ranging from 10 to so per cent:
seventy in coal on about the same
basis. twenty-four in building ma
iron, structural steel, rails. etc. fif-
teen. from 10 to so per cent.
Industrial switching rates have been
very materially reduced in twenty
cases. paper and paper articles cut in
freight rates from IA to 40 per cent.
Technically reduction of 10 cents
to a hundred points is 1000 reduc-
tions. but the railroad bureaus treat
this as one reduction.
Other reductions will be made from
time to time in the adjustment of
rates. From the earnings the COM
panies hope to be able to earn. with
the most rigid economy. the needed
$475. 900, 900 necessary to meet charges.
Interesting Debt Settlement.
Settlement of debt of Australia to
Great Britain has been arranged for
through an agreement by which the
former pays an annual interest charge
Of s per cent on the entire amount of
the debt. incurred in moving troops.
etc. in connection with the war. OF
the annual payment, 3ia per cent will
be paid in interest on f1.263.15S Az
per cent will apply to eli. 500, 900. and
per cent interest will be credited to
the remainder of the debt, f74.21S. 900.
After the payment of the interest
as scheduled on each debt, the balance
of the per cent annual payment will
he accredited each year to the prin-
cipal of the debt.
1t is estimated that the balance of
the interest thus applied will dis
charge the obligation in less than
thirty-seven years.
Australia is still indebted to the
home government for some $4,000. 900
accrued interest. This the British
cabinet have agreed to wait for until
a time when the exchange market is
more favorable, and to accept bills
for six and twelve months without
interest. by which time. it is hoped,
exchange may be in a stronger posi-
ton.
The Wall Street Journal, comment
ing upon this settlement. says: This
agreement is of peculiar interest at
th1s time. when the United States and
British treasures are engaged in
framing schedule for the settlement
OF their own accounts. The. Anglo
Australian scheme has un6Auht1dlv v
come under the consf1ef&e13 eAtbe
Treasury at Washington. andpossibIv
1t may he found embodied. in whole
or IN part. in the agreement that will
some DAY be made with London"