Evening star., 1922-06-06
AL[0TS
!. CERTIFICATE ISSUE
Refuses $183,541,500 Ex-
cess Subscriptions.
Railway Firm.
BY 1. A. FLEMING.

Secretary Mellon has again refused
the tender of s183,541,500 at 3lk per
cent for six months, this amount rep
resenting the oversubscription to the
most recent fiotation of 81 per cent
six months maturity Treasury certif
Gates.
The allotment was of the exact
amount announced by the Secretary.
100000 900. as desired.
BY this action Secretary Mellon has
again demonstrated his faith in the
future Of the money market. and IS
quite satisfied that there is sma
chance OF it getting away from him.
I pending financing to be put throuEA
later in the month.
New York wired yesterday that a
issue of 3%4 per cent certificates would
probably be forthcoming before Jun
ID. the rate being advanced so as :"
make the issue more attractive TO
bankers who would be asked to SUP
ply a percentage of the funds ana
that they might be exchangeable for
the 32. per cent victory notes.
Local bankers do not take mu"h
stock in this latter report. especial
as the victory gas have been called
for redemption, June Is, and Will Ds
retired, interest ceasing at that tim.
Longer term llndHPIrlS Is lOOReu To-
with June -. probably six months "r
a year certificates and an issue "
three-year notes.
Money in Wall Street.
Brokers borrowings are again near
the high Of 1919, when the total Was
$500. 100000. A year ago August
the borrowings were off to $500
900. 0.000 but the recovery has been
fol Low cd los r. IN.
speculative and investment traders
and the loans have again been market
near high.
But this year the expansion in loans
has not been accomplished through
borrowings with the Federal Resery~
Bank Of New York. as il has oniy
SAT 100000 rediscounts for membcr
banks.
Surplus money all over the country
is being sent TO Wall street, even
at the low rates prevalent there.
while the market or loans at hom"
has been maintained reasonably well
without concessions. even on th~
highest grade of loans.
Nor is il likely that there vii
be any such revival in business as
to call for the return of outside FUNDS
until crop moving period
Facts Demonstrate Truth.
The daily production of pig iron is
65, ,639, 900: six months ago. 40.0C5, ,a0e
tons.
Unified orders of the Steel Corpo-
ration. 5.097. 900 tons; month ago
4 4,49i, 900, and six months ago, 4,2s7,0oo
tons.
Twenty railroads report gross earn
ings for the month of May, S2S009
0ho, and for the preceding month.
s236 00o. O00.
Failures for April, 2,317; for MAY.
194S
Freight cars loaded, average week
ly, 10000; preceding week. 4,195.
Values are generally higher on ever
commodity and stocks. but slightly
food is up 0.25 per cent.
B. and o. Buys Equipment.
The Baltimore and Ohio system is
in the market for 1000 steel freight
hopper and gondola type cars and
LOCO box cars
Contracts have been awarded for
the hoppers and gondolas.
Local List Strong.
Local securities showed a little less
activity. but were still very strolg
with the utilities furnishing practi-
cally the entire business of the ses-
sion.
Washington Gas 71a per cent notes
sold al 1o5. slight advance: Wash
ington Gas 5s. "a Potomac Electric
general IS. S0S4; Traction IS, 9S5s. a!i
Potomac IS, 107.
Railway common was very strong
at II. only one price. The preferred
shares eased a little to 10l2 but re
covered somewhat, and closed stronG
at 79%4.