Show BANKERS DISCERN DAYLIGHT AHEAD Governmental operations still domInate overwhelmingly o tho the of or the money market the thc countr country over with aith vast o of balances everywhere c I but with general case ease and smoothness In tho the handling What would have ha caused excitement and derangement a few years ears ago Is now accomplished calmly as al almost almost almost al- al most a matter of course The Tho system of or j I banking and the spirit of bankers both are arc working wonders these times says the Boston News Bureau Tho The fiscal operations of the government government govern govern- ment mont on Thursday da throughout the tho country country country coun coun- try Involved A L i. total of ot probably about a n. billion In initial Liberty loan pa payments ment and maturities of or treasury certificates of indebtedness about half hal of ot all these transactions centering In New cw York In I other sections approximately another half billion was comprised In tho the ratio o of I about 1000 certificates of Indebtedness indebtedness edness edress and In cash payments and book credits transferred A great reat volume of similar hugo huge transactions transactions trans trans- actions between government and money montY market lies spread ahead over o the caIn calendar calendar cal cal- n the tho dates chiefly Including Ma May Lt 23 when another h half billion of or certificates certificates cates mature and tho the second loan pa payment pay pay- ment mont Is due Juno 15 when the flood of taxes re reaches its crest cret Juno 18 iS when nearly certificates mature June Juno 25 5 with its maturity of certificates available for tax payments a Jul July 9 covering another of ot certificates and JUI July with another certificates and a t. t 35 per cent loan instalment However the treasury treasur needs may grow STOW continued facility Inthe in inthe the financing Is confidently counted upon The manner of ot specifically attaining such facility is thus brought out in tho thu annual report of tho the Federal Reserve Resen bank of ot New Now York in order that payments pay- pay ments for the largo large amounts of or certificates certificates tes c cates of indebtedness Bub subscribed for In this district might not disturb the bank- bank ling situation arrangements were made mado to redeposit as largo larlo a portion as possible of ot the funds paid In This In effect amounted to a p payment ment for or tho the certificates cates by credit the tho on books of or the BUll suu- banks and In later Issues this was the practice actually pursued r In this manner disturbance to the money market from the absorption of ot this large largo volume of certificates tes was re reduced re- re to a a. minimum The I Federal Reserve Re no- Ro- Ro serve nc bank itself purchased from time to time lime various amounts of or these certificates of Indebtedness from banks and bankers and on several se occasions ad- ad substantial amounts to the treasury treas treas- ur ury for temporary requirements through the purchase of or special certificates runninG run run- ninG for a few days not Included In the totals as tabulated The sale of ot certificates I cates of ot indebtedness In anticipation of or Jf both Liberty Libert loans enabled the banks to tT create creato the short credit required b by the t government pending rending tho the creation of or long time credit through h the purchase of bonds hoid by bv Investors With each Issue of bonds bons t the short bank credits were ere In effect con con- Into long Investment credits II Little definite chan change o In money rates n C or trend Is dl discernible though some j bankers feel fee 1 there ther is more daylight ahead and aid that a a. broader market may eventuate tore l lon ng |