Evening star., 1921-04-16
TREASURY CALLS
trs r'e
!: j. II i: ]: FOR S84,388,S99
suF1 y
EINts
National Banks Will Return
Credit From March IS
asi~s {: Certificates.
p BY 1. A. FLEMING.

Secretary of the Treasury Mellon
this morning called for another pay
ment from national banks on account
of the sale of Treasury cedtificates is
sued March Is. the call being for $s4,-
3ss.ssa. "a
Banks are expected to make this re-
turn by Tuesday of next week. Yes
. terday they paid in SI20,555, sos.
AS an evidence of the fact that
money is in large supply and that
neither the supply nor the rate of in
tereSt is in any way responsible for
depression in business. it is pointed
out that the present heavy drafts on
the national banks have not had the
slightest effect on the money market
which holds around 61s and per cent.
Local deposits are steadily increaS-
ing. A considerable amount of new
money has been brought to Wash
ington with the change of admins ra :
tion and the receipt OF large amounts
from Central and South American
points have helped swell the supply
There still remains in the national
proceeds arising from the March II
certificate sale.
In addition the proceeds of the sale
of series H. 1921. which were credit ed
20 the Treasury Department yester-
day, remain on deposit in the banks
Local Securities.
There wasn't sale of Lanston on
today's session of the exchange. The
announcement accredited to Mr. Dove
the president of the company. that
there would be no extra dividend de-
clared Immediately after the annual
meeting. nor a stock dividend either.
may or may not have been the cause
of the neglect.
Stock dividends and extras are
rather unpopular these days. when
shareholders have come to appreciate te
the business wisdom that dictates
conservatism and the outstanding of
cash resources. The Lanston Com
pany has known less prosperous days.
At 7S 1t is now a 71a-point dividend
payer.
The bid price today was 76s.. and
the asking price. 7S1a.
Capital Traction shares sold at IS.
and the per cent bonds at S7si Rail-
and Potomac Electric Consolidated
5s. IS.
Wall Street Notes.
Western Maryland earnings for the
FIRST three months of the year show
an increase of $1.24O.000.
Chicago and Northwestern railway
showed earnings equal to 1856 a share
on the stock for the year 1920. The
company formerly paid I per cent
Cosden & Co, for the year 1920.
showed net earnings, after federal
taxes. of $13.552.107.
1t is stated that the International
slant. will be enlivened by a discus
sion as to why no dividends are being
paid on the common stock.
After preferred and common divi-
dends st. Paul and Omaha Railroad
company had a surplus for 1920 Of
More than two hundred out-of-town
members of the New York Stock Ex-
change and their partners attended
a meeting of the exchange held in
New York yesterday. President Noble
addressed the assembly on Odd
Lots" explaining necessity for the
present one-hundred-share unit on
the exchange, as "stabilizing the mar
ket and giving the protection of the
BODY to the odd-lot traders" This
rule provides that no odd-lot order
can be executed on the exchange
shares, then the odd lot may be
bought or sold u under the price of
the unit lot An address on stock
Clearances' was delivered. and John
& Mlburn. general counsel of the
exchange, made the final talk to the
members.
So far this year NJ. X. and T. has
turned a deficit for the same period
OF 1919 into a net operating income
of $Ss5.994
Chino Copper earned $50 a share in
1870: as compared with S1.49 a share
IN 1913. par value IS share
Nevada Copper earned IL cents a
share, par value IS, in 1920.
Unhlled orders for 102. 900 motor cars
are on books Of the Ford Motor Com
pany, with production averaging S5.-
900 cars monthly.
Personal Mention.
Peter A: Drury. president Of tho
Merchants Bank. left rodsy for Chi
cago on short business tr.r.
Il y. Harper announces raat Artnar
Reynolds president of the yre,: con-
t'nental-Commerciai Bank cs Criearo.
has accrDted an invitation 20 the din
ner Of the District Bankers. Aesocia-
tioHs e-@-~
William n. Phelan, president Of the
Washington Savings Bank. wi; at
tend. as delegate. tin convention of
inc American Association for the
Recoenition Of the Iris, RapInIic IN
chicago next week. He WI: yig,t -.:,
ftes at Punxsutawney Pa, before
returning to Washington.