Evening star., 1922-09-19
LANST0N lower,
with LARGE SALES
Price Breaks to 79 IL.
Railway Common Also
Weak.
BY I, A. FLEMING.

Janston Mouotype and washington
Railway and Electric were the ieaa-
ets in activity on the loca! STOCK en-
change today. and both were soli'e-
what under pressure. the FORMER
Welding for the first time In weeks
under so and the later getting oack
,bde, 5s where 1t has been pegged
for many days.
Market absorbed some 400 shares OF
Ianston. the first at so and the ma,
jority Of the sales at '912. on sne ,,ad os,s
closing being 1gi. bid and 30 asked.
Halfway common opened at 30. pu'
.sset under pressure Of moderate OF ,
ferings to 55%t. with the CLOSING o''
5J',.
oirer stocks were more or less reg
lectcd. but held with reasonable hfih-
ness. ,,;,,
Gas IS were stronger. early seiIihs ;
n, 96. but easing i, preferred poi'l., !,
before the close. METROPOLITAN os
were firm. al 97St, and Railway IS
were steady at ,i'..
Allotment. s2:7 100000.
Secretary Mellon ANNOUNCES the al
lottnent OF the March 10 treasury G ~
tificates. aggregating S221ooO.0oo; whlle
~, tot.l subscriptions received were
.SJ1O.4IG.300- . ,p-
fered subscriptions for SIG, ,32S;eoo ana
received allotment OF s6.s2o wv.
Each of the twelve federal reserve
districts exceeded in their subscrlp-
tons the quota given them in the an
rouucemrnt Of offering. Minneapolis
Subscribing for the smallest amount
si4.S96. .O0o. while N"w YORK sunscr,p,. y,
1,ons for s22S.aS3 500 was the largest
and more than sufficient to have ab-
sorhed the entire Offering.
II is evident that the response 10 1Ee
offering must nave heen satisfactory 10 10
Secretary Mellon, perhaps su:1cieli,i! ~
TO permit, in his opinion. the expert
,nent of a long-t,rm bond isue flotatlcn
with October or IL.
IL further evidenced the fact that
the demand for safe investments mas
by no means been stated
Loans Incrense.
Reserve regional banks are carry
ing s4,6sS, 900 more loans than tney re-
ported on august 10 Bos.on 0s, o1 Where hs the
regional bank has increased ioans
sS,S5o,0oO: Cleveland, chicago. paiias
and San Francisco. the to'a! lodh
Of all the reserve banks Septene .,sS
l3. S3S7, ,173,000, compares Win s'e-'-
$4,000 as of August 10.
Council to Meet.
Jashua A. Evans. jr president OF the
Distric, thinkers Association. has
called a meeting of the cnuncll o,
administration for next Thursday
evening. when the special comnitIee
instructed to investigate the NILS.
paugh banking measure Will maze
''f Later rep0s'' meeting Of the association
will be called to receive the report
and take action thereon.
Wall Street "War scares."
Wall street was reminded yester-
day that the manner in wnlch ois-
tmrbing news of foreign politics az
fects the market depends iarseiy os
the condition Of the market l1sei.
when the news arrives. There had
heen a severe decline on the stock
exchange. due to other causes, De
fore the lighting between Russia ana
Poland BECAME dangerous IN ls-o'
consequently that episode wnich con-
tanned all the material for a nrst-
rate war scare" hardly iy,o c1s n,,any any
war of 1912 broke out when the
American and European financial
markets We're at the top OF a specu-
iative rise. They suffered correspond
Ingly, as they did under similar CIR
cumstances when the Transvaal war
the Manchurian war in 1904 came at
the end of a long depression In all
financial markets. which, consequent
Iy, were little affected BY 1t after the
first week or two. War scares
which turned out to be nothing but
mutual threats. with eventual CAIN
ing down Of everybody, were Of fire.
quent occurrence in those earlier
days. They rarely made more than
Inomentary impression except when
the financial situation was already
vulnerable, and needed only shock
to the speculative imagination to
disclose it's weakness.-New York