Evening star., 1921-04-11
CUT INTEREST RATE
ON CERTIFICATES
April IS Issue Announced at
1-2 Per Cent-LocaI
Stocks Slow.
BY I. A. FLEMING.

issue Of Treasury certificates. series
H, 1921. to be issued April 15, to bear
interest at the rate of 5h per cent,
with one coupon attached. redeemable
on October Is, 1921.
No definite amount is hxed in con-
nection with the issue and the right
is retained to reject any bid.
Payment must be made on or be-
fore April Is. Certificates will be is
sued to bearer. in denominations OF
$500. $1,000, 5000 $4,000 and 100000.
The new rate is Y of l per cent
less than the rate on the last pre-
ceding issue OF certificates and Is
recognition of the easier conditions
In the money market.
Local bankers believe that the new
issue may have the effect Of putting
the y per cent to a slight premium.
probably not more than an 100 -.
The 6s are now quoted around LOON
ana they move up a small fraction.
1t will be interesting to observe the
| measure of success of the new certih-
| cate issue, with view of ascertain
| ing the temper Of the public toward
| the investment. as the rates of in
| terest recede. At 5A and per cent.
with the freedom of normal taxes at
| tached to the certificates, they were an
especial good bargain and were pur-
chased very freely by banks and in
Vestors generally.
Money is much, easier. and as the
| security market is still subject to vio-
lent fluctuations, it is thought prob
able that the demand for the certif1-
| Gates will be large, especially from
| those having certificates of the issue
maturing April Is.
A Problem Solved.
They seem to have solved the great
est problem Of the day at the Good
! rich plants at Akron, Ohio.
P. w. Litchfield. factory manager.
announces that living costs in Akron
| have decreased 25 per cent, and talks
| OF another cut in wages.
| Representatives Of the Goodyear
| Industrial Assembly and Mr.. Liteh-
cost figures were produced to justify
| the additional cut.
Industrial assembly representatives
| are reported as being convinced, and
| have asked that former employees
now out of work in Akron be given
| tional forces and have also asked
| that more men be given employment
| rather than any increase in the hours Of
labor.
Local Securities.
Most of the transactions on todays
session of the Washington Stock Ex-
change were of small lots. not a
| transaction in stocks being recorded
Of over ten shares, and but one $500
5 per cent gas bond sold. this at II.
Two odd lots of Railway common
sold at the wide and unusual range
of 2s and 2s, the latter last. Railway
preferred brought 60.
A small lot of Mergenthaler brought
120A. ffrmer tone evidenced. while
Lanston improved to 73 bid.
An odd lot of Capital Traction sold
at So.
Personal Mention.
w. D. Hoover. president of the Ma
tional Savings and Trust Company,
returned this morning from visit to
Phoenix. Ariz.
Wall Street Notes.
Russian fax production has de-
creased from 1,161,sss,oo0 pounds in
1913 to so,2s2,o00 pounds in 1921.
Goodyear Tire and Rubber Company
is making 1880 tires a day, and ex-
poets to cross the 10000 mark by the
middle of the month.
Income tax statements will divulge
much Interesting information this
year. One big brokerage house re-
| ported a turnover Of millions of dol
lars in stocks and bonds and not a
cent of profit.
An active account with another
DFOkSIdS0 mouse showed $3UV,UUU
transactions in stocks and a net prof
+; it of $6.12.
Standard Oil Of Indiana is planning
an increase in gasoline production
probably also an advance in price.
Swiss National Bank of Berne has
lowered it's discount rate from per
| cent to AZ per cent Speculation il
directed to the London rate, with the
chance for reduction. that may be
responsible for a clipping of the Fed
eral Reserve Board rates.
Inspiration Copper earned $1.94 a
share in 1920, $50 par value, as COM
pared with 1884 in 1919.
Butte and Superior Copper earned
64 cents a share in 1920. par value
$40 share. In 1919 it earned $29s
Punching the time clocks cost the
railroads of the country a matter Of
$l2, ,000, 600 annually, to say nothing of
the cost of the clocks. winders. etc
United States Realty and Improve
ment Company's fiscal year ends with
April 80. 1t is reported that the
stock has earned between SIS and $50
a share. The bonds have crossed ST.