Evening star., 1922-10-10
WARDMAN PARK
BONDS ARE FIRM
Listed on Local Exchange.
101 Bid. 1O2 Asked-On
the New Bonds.
RE 1. 4. FLEMING.


Wardman Park Hotel per cent
bonds, with per cent of the income
tax payable at the source and the en-
tire District of Columbia intangible
tax of one-half of l per cent in addi-
ton. II requested by the holders of
the securities. We're listed on the To-
cal stock exchange yesterday after
noon and offered for trading this
morning.
lhere We're no transactions, but the
md price was 101 and the asking fig
ure 1o2. showing handsome profit
Tor 1hose who placed orders for the
bonds. in sight.
The rest of the local stock mark ct
was lnconsequential. trading drop
ping down To an almost nominal
Sales were made of Gas at s514. the
te notes of the same coTnpany sold
for l051s. Lanston was firm at SOla,
Money was held on change at s and
. per cent bid.
Heavy OverSubScription.
Estimates made this morning favor
oversubscription for the new II. per
cent bond issue. from four to five
fold.
Customers of banks are coming for
ward with numerous orders. while
hanks and corporations are Sendin g
orders for much larger amounts OF
honds than they actually desire for
the reason that they understand al
lotments Will be scaled heavily
Reports from all over the country
indicate that the issue is meeting
with great favor
Ten banks in New York city are re-
ported as offering to take S25o,OOO,-
600, or 30 per cent of the Offering
h..
may deviate from his rule of taking
nut a small amount of the oversub-
Scriptlon. at this time and perhaps
issue nearly a billion bonds
Praise the ISSUE
The Wall Street Journal. financial
authority. has this to say of the bond
and conditions affecting it:
me dlherence between Az per
cent rate and a per cent rate which
the Secretary of the Treasury could
have chosen for the new government
issue might have been the difference
between success and failure in the
object which he sought to accom-
pliSh. Above all. it was desirable to
secure as large a response as pos
stble from holders of 42t per cent
victory notes to convert into the new
issue. and no finance minister can
afford to be Cht.Set tiari!.@ in his re
funding operations. There is no oc-
caSlon now 70 employ McAdoo's tao
tics to force a people to take an un-
NhuS!neSS-like bond.
Here is an opportunity for victory
roteholders to relinGuiSh their notes.
which they must. pcrforce. do. at
most. in 4 few months. for a long
term bond bearing rate of interest
equal to the liberty bonds is~lie;! at th,.
height of the war. That application
from this source. as well as from
new subscribers. will be spontaneous
and extensive under the circum-
stances goes without saying.
Although there are TO be other
government issues in the next few
months the Secretary of the Treasury
is already seeing daylight on his re-
funding operations. Eighteen months
ago he was confronted with a SEA
00.0o0.000 gross debt. of which over
$500 100000 matured within two
years. He has reduced the gross
debt since then by $4,000 900 and
the early maturing debt by about
$1,000 900 600. through retirementS or
refunding. Retirements of certain
certificates of Indebtedness within the
next few months will leave outstand-
ing something like $1,000, 900. 900.
which will constitute 4 manageable
floating debt and which may con-
'inue desirable with the income and
profits tax payments as large as they
are.
Federal American.
Various accounting methods are
being considered by special commit
tees OF the employees of the Federal
and American National banks. also
different forms in use in both banks
and other matters of detail in connec-
ton with accounting and the routine
work of the banks.
This work is being carried on stead
fly. and by the time the merger is an
accomplished fact, the best of both
institutions will have crystaliZed and
will be adopted by the merged bank.
One of the subjects that will be
discussed at tomorrowS meeting of
the officers and directors of both in
stitutions will probably be the filling of
the vacant cashiership of the Federal
American. vacated by the resignation
of F. G.. Stryker.
Iion of Charles d. Boyer. assistant
cashier of the Federal National Bank,
and one of the most popular OF the
younger banking officials.
September Trade in Bonds.
In the month of September misce1-
1aneous bonds ON the New York Stock
Exchange sold TO the extent of $203,-
1874 600; liberty issues sold SSS.9O9, 900,
a total of S292.033.0 900. The daily aver
age of miscellaneous bonds was $8.-
$4,000, and S3,556.360 liberty bonds.
Sales are larger in comparison with
all years but 1921, when the record,
$S26,9i2, was made.