Evening star., 1923-03-14
LARGER Of
/ LOCAL SECURITIES
Railway Preferred Active at
73 1.4-Bonds Wanted.
Financial Notes.
BY I, A. FLEMING.

Business on the local stock ex-
change was decidedly lively today. al
though many of the transactions-all.
in fact. in Railway preferred-were of
She ten-share order. In all zoo shares
OF the stock named changed hands.
all at one price, 73A.
The common shares were nominal.
65 bid and Sc asked.
Norfolk and Washington Steam boat
shares made a new high on the move
ment to 217a217A. while Merchants
Bank and Trust Company shares
brought 121.
I.anston sold at 7SE to 20.
Bonds attracted considerably more
attention than for some time past.
Capital Traction 5s brought %, Poto-
mac refunding and Improvement IS
107A to 107. Potomac debenture 6s
at par and Washington Gas 5s at 9514
Personal Mention.
V. A Smyth. formerly with Graham.
Parsons & Co, of New York, Will
hereafter be associated with the local
office of Dean, Onativia g. Co, In the
bond department.
Oversnbscription Indicated.
Treasury reports indicate heavy
oversubscription to the new issue or
notes or bonds. Four hundred million
dollars was the subscription asked. but
the Treasury will accept part OF the
oversubscription.
Competition In TypesrttinS.
Stock of the Intertype Company
has been listed on the New YORK
Stock Exchange and has been selling
around $40 a share.
The capitalization of 1ntertype is
e:uch lighter than of either OF Its
competitors, Mergenthaler or Ian
ston, 1t having 161.946 shares of COM
mon stock of no par value. S15S.330
second preferred and s1,066,600 first
preferred stock. with S750,000 out
standing debenture bonds.
The 1922 report of this company
showed S26.37 share earned on
1885 shares of stock. One item In
the Intertype report that will meet
with the approval Of shareholders
generally is the fact that patents,
etc, have been cut down in the asset
appraisement to 81. whereas Mergen-
thaler carries them at $3,641,54O and
Lanston at 81 .S07 6o2
There is no longer any reason for
carrying patents and good will at
such a high valuation. as the present
corporation tax in connection with
fpcome taxes is based entirely on
gAoss earnings, rather than on in
vested capital. Shareholders in all
corporations would rather have the
bald truth as TO the actual condition
of corporations in which they have
their money invested than reports
CLOSED over or doctored as to
fool them on the actual condition of
the corporation.
The Intertype is making a mistake
In giving dividends, as predicted, to
Its new no-value shares of ] per cent
cash and 10 per cent in stock.
This stock dividend business is not
Ar, Il
oSercapitaliZation.
II naturally calls attention TO the
vtciousness of the same practice by
the Columbia Graph ophone Company.
wrecking in short order very pros
porous concern.
Merge inhaler stands at the head
of the typesetters because is diSsem-
mates monthly information. and the
people. being informed of its affairs
1hrough the local director. in this
case f. ]. McQuade. know just how
the company is progressing and the
ret return.
Money in Circulation.
The total amount of money in cir
culation in the United States March
!. 1923, is given as S4.610.636, ,6SS. Per
capita circulation, s41.61. Total stock
of money in the United States. in
Guiding $396O.955.432 gold in the
Treasury xS4So 625 111