Evening star., 1923-09-10
.U.S.TREASURY ISSUE
PAYS41.4PER CENT
$500, 100000 in Bonds to
Mature in Six Months-Trad-
ing on Local Exchange.

new issue Of certificates at AZ per cent
| interest. aggregatin 5000. .00O 900, and
! maturing six months from September
Is, 1928.
! Details Of the new obligation had
| been'Anticipated for some time 1t will
carry but minor appeal to Individual
| investors, due to the interest rate,
which ts held locally as being TOO low,
but at the same time ii offers to banks
and financial institutions an attractive
investment, both from yield and ma
trrity standpoint. It will. of course.
as are all others. be oversubscribed.
Meets September Needs.
Government securities. matured and
outstanding or maturing September Is.
aggregating slightly in excess of half a
billion dollars, must be provided for in
the September program
The Treasury figures that it will
| receive about s34O,000,0O0 in Septem-
! Der income and profits tax collections
the third quarterly instalImen: OF
! this calendar year-and this with the
I FUNDS obtained from the new certif-
cate issue and the usual monthly re
ceipts from miscellaneous taxes will
care for maturing obligations and
provide for current cash requirements
until the next tax instalIment, De
| cember IS.
About s29O,OOo,oOO in certificates of
Indebtedness will become payable Sen
! tember Is, and the Treasury has made
the usual offer to exchange new for
| old certificates that has characterized
reminding operations. At the samS
/ time. interest on the public deb
amounting to S145, 1000, 600 must "A
| paid.
Other Heavy Obligations.
In addition TO these obligati.S<
provisions must be made to care Il
! about S53.000,oo0 in victory notes
| some of which were called for refjr -
ment last December and the Others q
which. matured last May. and abc~
100000 in war savings certificate.
maturing last January. which like TIL
4 victory notes have been coming !.
| SLOWLY for retirement.
! me announcement of the Septembe4
financing program also contained Thu
| declaration that no further fisc;A
| operations are contemplated by th&
| government before December Is, whei,
maturing certificates OF indebtedness
! VIII require new borrowings. Thus
! IL is shown that the Treasury will
| carry through the first half of the,
| current fiscal year with only two
pieces of financing and this, in the
| opinion of fnanciers, is evidence of a
satisfactory position with respect 10
caring for the great public debt. most
of which grew out of the world war.
Edison Bonds offered.
| A syndicate headed by Bonbright a
| Co. and Eastman, Dillon & Co. are Of
| fering today a new issue of STO0O,OOo
Ohio River Edison Company first
| mortgage sinking fund gold bonds, 6
| i94s. ' =
| Bonds vii be secured by a direct
nrst mortgage on all the property OF
! the company now owned or hereafter
| acquired. consisting of a modern steel
! electric power plant near Toronto.
! OHIO. with an initial installed capac-
1ty of $4,000 horsepower. Arrange
| ments have been made for the acqui-
! sition OF sufficient land TO care for an
ultimate capacity of 375.000 horse
power. This issue represents approx
imately Sc per cent OF the initial cost
of the installation of the new plant,
transmission line and substations,
The new plant. transmission line and
isubstations will be leased to the Penn
/ sylvania- Ohio Power and Light Com
pany for 999 years at net and un-
! conditional annual rental over two
and half times annual interest
| charges on these bonds.
The issue is being offered at 95 and
! accrued interest, to yield over $40
! per cent.
Plans Fight on Branch Banks.
Francis NJ Savage. president of the
! ANOI savings VINO was a
| return passenger on the Ohio from
southern Africa. via Southampton, ara
rived in this city this morning.
In an interview, Mr.. Sasage saitg
I the abundance of cheap colored labc&
| in South Africa with which the whicT
migrant cannot compete successful.E
and live properly, is the prime CauS1
in preventing immigration and in re-
| tarding that countrys development
Another cause" said Mr. Savage
"is the concentration of bank del
posits practically in two banks con-
trolled in London. the smaller insti->
tutions having been absorbed by
branches eliminating local control
and identity, thereby retarding the
growth of towns and restricting
1T is positively stated that an
immigrant needs $4,000 to $4,000 III
order to engage successfully In farm
ing or for engagement in a business;
Apparently he cannot. get start ana
succeed by his own skill and labor y,
owing to cheap colored labor OF tair
skill. The unemployed Whites at ms ms
time is about per cent of the white
population" -,
convention OF the American Bankers
Association to be held in Atlantic city
the latter part of this month. where
he will seek TO have branch BANKING
in this city eliminated.
Trading on Stock Exchange.
Trading restricted to the popular
issues at unchanged prices prevailed
on the Washington Stock Exchange
today. Stock transactions were in the
majority.
Capital Traction stock was firm at
1o1, a total of forty shares changing
hands, and Washington Gas Light
iuctuated mildly between 40 and 4s19
closing firIner. Lanston was un
changed at 7212.
on the investment side of the mar
ket Railway 4s were in good demand
at ~, $1,000 changing hands at this
figure, while c. & p. Telephone 5s
were strong at 81.
Bankers Planning for Golf.
The convention committee of the
Investment Bankers Association,
which meets here the last three days
of next month. is urging all golfers
to Robert Stead. jr., Hibbs building.
Mr. Stead is chairman of the golf
committee.
Motor Car Industry Growing.
The motor car has today become an
essential and permanent feature OF
American economic life. The Nation
al Automobile Chamber of Commerce
after making a detailed investigation
has estimated that 60 per cent of au-
tomobile mileage represents business
use and that 80 per cent Of all pas
senger cars are employed in greater
or less degree to business purposes
TAe United States census of manu-
features for 1921 ranks the automo-
bile industry as third in. the value of
output, as compared with other man
ufactures. 1t is estimated that in
1922 approximately $1,456,000,0o0 of
capital was invested IN the notor-v We
hicle industry; that the industry pur-
chased S1,289 600 900 of materials; en-
ployed 253, 900 workers: paid wages
and salaries of 1895, ,0o0, 900, and that