The Washington herald., 1921-12-16
MELLON REPORTS
TREASURY issue
OVERSUBSCRIBED
Demand for Certificates
May Total Billion,
Is Belief.
OTHER LOCAL NOTES
U. s. Savings Increase Divi'
dend to 169o-Heavy Ses-
sion on ID. c. Exchange.


rr-
Secretary of the Treasury Mellon
announced late yesterday that pre-
urinary reports received from the
twelve Federal Reserve banks in
dicate that the combined issue OF
certfhcates. out yesterday, which
Waaffor $3.50 900. 900 or Whereabouts.
mad been oversubscribed, and that
ms total subscriptions aggregated
osr $1,000. 900, 900. Further details
aSsto the subscriptions will be an
nounced when final reports are re-
ce5sed from the Federal Reserve
banks
Lac subscriptions which were for
the AZ per cent certificates of in
debtedness of Series TT 2-1s22.
dated December Is. 1921. maturing
June Is. 1922, and the AZ per cent
certificates of Series TD-Is22. dated
December Is. 1921, and maturing
December Is, 1922, closed at noon
yesterday. the date of issue.
Washington banks, as usual.
were heavy subscribers to the
above certificates.
Dividend Declarations.
At a meeting OF the board of d.
rectors of the United States Saw
ings Bank held Tuesday evening IL
was unanimously voted to increase
the regular quarterly dividend to
per cent, putting the stock of the
institution on a Is per cent annual
basis
The dividend is payable on De-
cember 81 to stockholders of rec
ord that date.
This bank heretofore paid IL per
cent annually. it was announced.
Union Savings.
Directors OF the Union Savings
Bank have declared their regular
quarterly dividend OF IL per cent.
payable December 81.
Union Trust.
At the regular meeting of the
board of directors of the Union
TRUST Company an extra dividend
Of per cent was declared, payable
Derember "a, to stockholders OF
record December IL. For this the
books will close from December IA
to 81. both dates inclusive.
At the same time the regular
dividend of IL per cent was de-
clared. payable January Is to
stockholders of record December
81, In this case the books will
close January . to Is, both dates
inclusive.
A. I. b. Meeting.
The Washington Chapter. Amer
lean Institute of Banking, will hold
an open meeting in the small ball
room of the New willard Hotel next
, Wednesday night. Dancing will
follow the evenings work
All members OF the local chapter
and those in good standing are in
vired to attend.
Local Securities.
The heaviest trading Of the pres
ent year in local securities was
Witnessed on the Washington Stock
Exchange yesterday when more
than $4,000. face value, in bonds
changed hands together with mod
crate trading in stocks.
This big business was accom-
panied by a better show OF strength
and an appreciable rise in the value
offs per cent bonds. OF late the
per cent issues, unless highly
favored. have been sluggish. but the
higher prices for the large income
payers has stimulated a demand for
the S per centers.
Georgetown Gas SIS led in point Of
activity. selling freely from 70 to
close at soA.
washington Gas SIS steady at 91iz
Capital Traction IS. s4% to 95.
metropolitan Railroad SIS were ac-
tive at 941z to s4H. and Railway
- advanced sharply to IS.
Potomac Electric first IS ad
yahced to Oh. and 90. The 7izs
we're 104 bid and 104i2 asked. Riggs
Realty IS. long-term maturity, rose
TO 90.
Stocks were steady but slow.
bonds commanding the attention.
Capital Traction sold, ex-dividend,
AZ OIL TO DIS, and Gas at ASH
Railway preferred was firm at 632s.
while I4anston sold at ~ and Mer-
! Eenthaler at 12S7s.
Personal.
Thomas Grant. local manager of
the Fidelity and Deposit Company
OF Maryland. is spending the week
in New York on business for his
| firm
John S. Hord, member OF the
Columbia Credit Corporation. is
spending several months in Cuba.
Meeting t. Postponed.
The meeting of the school savings
committee of the District of Column
bia Bankers Association. scheduled
to have been held yesterday after
! noon. was postponed account of i'm
portant members inability to at
tend.
Columbia Credit Corporation.
Directors OF the Columbia Credit
Corporation have declared their
first semi-annual dividend of per
cent, payable January Is to pre-
ferred stockholders OF record De-
csmber 81.
90