Evening star., 1923-10-02
IS CUT
OFF PUBLIC DEBT
Treasury Reports Reduction,
Over $4,000, 900, 900 Since
Wartime High Point.

The total gross debt of the United
States was curtailed $74,414,370.59
| during the month of September, 1928,
and now stands at $22,125,614,247.31
the Treasury Department announced
this morning.
The country's present Indebtedness
shows reduction of more than four
billion dollars from the peak of the
war debt reached on August 81, 1919.
when the gross total was $26,596,
o1.64S.01. Secretary of the Treasury
Mellon has proved himself without a
superior in bringing about this huge
accomplishment, according TO the
leading financial authorities OF the
country.
The net balance now in the Treas
ury,s general fund totals $422'H''-
Outstanding obligations are classi-
fed as follows: bonds, SIS, ,559.33O;
notes. $685. .14s, 800; certificates, S941,-
013,500; war savings securities, $500
692,426: matured debt on which in
terest has ceased, $51, 1,494, 1925. and
debt which bears no interest, $40,
FOG, ,561.05.
Mellon Calls for Deposits
Secretary of the Treasury Mellon
has called on national banks of the
country to pay into their regional
members by Thursday next 10 per
cent of the proceeds remaining on de-
posit with them from the June 10
sale of Treasury certificates. The
withdrawal will be in the amount Of
$13.634,00
The June Is issue consisted of
total allotment of s1s9,s33,5oo, in
cluding s38,344,000 of exchanges,
bearing 4 per cent and maturing in
six months.
Bank Anniversary.
The first anniversary of the Wash
ington Heights Office Of the Riggs
National Bank is being celebrated
today.
Located at 18th street and Colum-
bia road, the institution has enjoyed
success and growth. according to
officials. The bank features service.
the public being invited TO pay light
! and gas bills, make change, etc.
irrespective of accounts.
The branch, which is managed by
w. A. Dexter, has deposits of ap-
proximately 100000.
Local Exchange Busy.
A good volume of trade. embracing
the majority of favorite issues, at un-
lchanged prices, was transacted on the
Washington Stock Exchange this
morning. Bonds held the liRefight.
4
funding 6s of 1853 were firm at 1o1 Il.
while the Is of the company sold at
IGT. Capital Traction 5s brought 81.
Washington Gas 6s of 1888 sold in de-
i nominations of 500 at 100iz, the larger
bonds selling Is lower. Potomac
Electric debenture 6s sold 4 under
In the stock list. Capital Traction
held firm at 9ss4. with Railway pre-
ferred at '70s& and 705s. Mergenthaler
Was strong at 1851.
Fewer Business Failures.
There has been a progressive re-
duction in business mortality during
each quarter this year. Failures IN
the United States for the third quar-
ter were 3,775. and involve $685.
liabilities. These totals, which are
exclusive of banking suspensions,
compare with i,40S defaults for Sl2l,-
l92.4s4 reported to r. G. Dun and
Company in the second quarter. 5,3l6
insolyencies for $13S.231,5I4 in the
first quarter. and 5,033 commercial
defaults in the third quarter OF last
wear, involving s117,1Ss.157.
For the first nine months OF 1879,
For the first nine months of 1879
insolvencies were 13,49s for S351,S61.-
627. a reduction of about q per cen.
| in number and liabilities for thosesfoi
the corresponding period of last veal