Evening star., 1923-09-14
TREASURY ISSUE
0VERSUBSCR|BED
Subscriptions Pass Mark by
$3.50, 900, ,o00-Trading
on Local Exchange.

The latest Offering of Treasury GER
tificates, dated September Is. running
for six months and bearing Az per
cent interest, was oversubscribed by
s350,0ooo00. 1T was announced last
night by Secretary Mellon.
Reports received from the twelve
federal reserve banks, it was said,
show that OF the total about S63, ,000.-
600 representing subscriptions for which
Treasury certificates maturing Sep
tember Is, 1929, were rendered in pay
ment, all of which were allotted in
full.
Allotments on other subscriptions
were made as follows: All subscrip-
tions in amounts not exceeding $4,000
for any one subscriber were allotted
in full; subscriptions over $4,000 but
not exceeding 100000 were allotted
so per cent, but not less than $4,000
on any one subscription: subscriptions
over 100000 were allotted 20 per cent,
but not less than $4,000 on any one
subscription
Monotype Market Feature
strength displayed by Lanston Mono
type. which sold to the extent of
eighteen shares at ~, proved the out
standing feature of trading on the
Washington Stock Exchange today.
The remainder of trading was well
Varlegated at unchanged prices.
Washington Gas 6s We're strong AT
1OO1a and 1O1, while the 5s of the
company were In good demand at
s3%. Pepco debenture 6s brought
par.
In the stock list. Traction was firm
at 1908, Railway common sold at 60.
and the preferred changed hands at
a.. Gas stock was easy at 4S1i and
48H and one share of Mergenthaler
changed hands at 15S1&.
Reserve Bank Report Ont.
A decrease of $s.7oo, 900 in holdings
or discounted bills, as against in
creases of S5.2o0.0o0 In federal re-
serve note circulation, of s9,300,O00 in
cash reserves and OF $34.I00,O00 in
deposit liabilities is shown in the
Federal Reserve Boards weekly
statement. The reserve ratio declined
from 76.4 to 759 per cent
All federal reserve banks except
those at Richmond, Cleveland, Atlanta
and Minneapolis show smaller hold
tngs of discounted bills, the largest
declines by $S,100.000 and $500 900
being reported for Chicago and Dali
las respectively. The Cleveland bank
reports an increase of $13,I00,00O in
its holdings of discounted bills, while
smaller increases totaling s43OoO0O
are shown for Minneapolis, Richmond
and Atlanta.
Semi-AnnuaI Dividend.
The Takoma Park Ice and Ice Cream
Company, Inc, has declared a semi-an-
| nual dividend Of per cent on preferred
stock fully paid on May l. covering the
period from that date, until October 81,
on November 90.
directors of the company ascertained
mat the company has MADE from Nav
/, 1923, profits over and above operating
expenses sufficient to cancel losses and
depreciation during the past winter.
Moody Reviews Business.
Moody's Weekly Review of Financial
Conditions, in its current issue says in
part:
rapprochment OF France and Germany
ana the general political and economic
IreadJustment which statesmanship failed
Ito accomplish Whether the conpronisa
is Nached speedily OF. not ii seems uI-
itimately assured by the Business necessi
ties OF both France and GERMANY. Should
II be done speedily the British would
! anticipate recovery in their manufAc-
! turing industries, based upon German
| trade: and our producers of conner
meats, cotton and petroleum would dis,
count a better foreign demand. The in
| nuence upon quotations might be imme-
! diate and considerable
What our security markets need
to lift them out of the present rut is
an inflow of Investment capital. The
ipublic is not buying extensively he
cause OF spotty trade conditions high
costs and too much politics. With
| the domestic situation thus in state
OF equilibrium, ii seems fair to con-
| clude that for the time being our
| stock and bond markets DEPEND
largely upon Paris and Berlin
| In this lifeless bond market it is
gratifying to recall that the price OF
railway capital has generally shown
a downward tendency since the civil
( war. Precedent indicates that even
If developments are favorable next
year. typical railway bonds should
not decline more than to "A points
Untitled steel tonnage when ana
Ifyzed discloses,5 first, that the steel
boom reached its peak as to both
prices and untitled orders in April;
land. second. that since then the ten
ldency has been more and more to-
ward reaction or even depression.
Thus the market position of specu-
tlative steel stocks is not very favor
pblen