Evening star., 1923-09-14
TREASURY ISSUE.
OVERSUBSCR|BED
Subscriptions Pass Mark by
$780, 600, ,000-Trading
on Local Exchange.

The latest Offering of Treasury Ger
tificates, dated September Is, running
for six months and bearing IA per
cent interest was oversubscribed by
$350,000,000. it was announced last
night by Secretary Mellon.
Reports received from the twelve
federal reserve banks, it was said,
show that of the total about $4,000
600 representing subscriptions for which
Treasury certificates maturing Sep
tember Is. 1928. were rendered in pay
ment, all of which were allotted in
full. r.
Allotments on other subscription
were made as follows: All subscrip-
tions in amounts not exceeding $4,000
Tor any one subscriber were allotted
In full; subscriptions over $4,000 but
not exceeding 100000 were allotted
90 per cent, but not less than $4,000
on any one subscription; subscriptions
over 800, 900 were allotted 20 per cent
put not less than $4,000 on any one
subscription.
MOnOtype Market Feature.
strength displayed by Lanston Mono
-
eighteen shares at "a. proved the out
standing feature of trading on the
Washington Stock Exchange TODAY.
Inc remainder of trading was well
VaTiegated at unchanged prices
Washington Gas 6s were strong At
lOOh and 101, while the SIS of the
company were in good demand at
93B. Pepco debenture 6s brought
par
In the stock list, Traction was Arm
at lOOA, Railway common sold at e.
and the preferred changed hands al
y. Gas stock was easy at ASK and
4S Is. and one share of Mergenthaler
changed hands at 1851.
Reserve Bank Report Out.
A decrease of sS.7OO.O0O in holdings
OF discounted bills. as against in
creases of s5.20o.o0 in federal re-
serve note circulation. of $9,300.O0O in
cash reserves and of $34.100.0G0 in
deposit Liabilities Is shown in the
Federal Reserve Boards weekly
statement. The reserve ratio declined
from 1854 to 75.9 per cent.
All FEDERAL reserve banks except
those at Richmond, Cleveland. Atlanta
and minneapolis show smaller hold
lngs OF discounted bills, the largest
being reported for Chicago and Dal-
las respectively. The Cleveland bank
reports an increase of $l3,lOO.O0O in
Its holdings of discounted bills, while
smaller increases totaling S4,300,OOO
are shown for Minneapolis, Richmond
and Atlanta.
Semi-AnnunI Dividend.
The Takoma Park Ice and Ice Cream,
Company, Inc, has declared a semi-ar-
nual dividend of per cent on preferred
stock fully paid on May /, covering the
period from that date until October 81
on November 20.
directors of the company ascertained
that the company has made from Nav
/, 1873, profits over and. above operating
S54penses surnclent to cancel losses ana
depreciation during the past winter.
Moody Reviews Business.
Moody's Weekly Review of Financial
Conditions, in its current issue, SAYS in
part:
Economic forces are working out the
rapprochment of France and Germany
ana the general political and economic
REIMBURSEMENT which statesmanship failed
70 accomplish. Whether the con1prorniss
is reached speedily or not it seems uI-
tlmately assured by the business pecessi-
ties OF both France and Germany. Should
II De done speedily the British would
anticipate recovery in their mauufar-
turing industries, based upon German
trade and our producers of copper
meats, cotton and petroleum would dts
count better foreign demand. The in-
iuence upon quotations might he irnr,a-
date and considerable
what our security markets need
TO lift them out of the present rlIt ia
an inflow of investment capital. Th.
public is not buying extensively be-
cause of spotty trade conditions high
costs and too much politics. With
the domestic situation thus in a state
of equilibrium. IL 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 il Is
gratifying to recall that the price of
railway capital has generally shown
la downward tendency since the civil
war. Precedent indicates that even
II developments are favorable next
year. typical railway bonds should
not decline more than . TO x points
Unified steel tonnag ge when ana
lyzed discloses, first, that the steel
boom reached its peak as to both
prices and untitled orders in April;
and, second, that since then the ten
dency has been more and more to-
ward reaction or even depression.
Thus the market position of specu-
latiWe steel stocks is not very favor
able"