Evening star., 1923-04-05
INACTIVE SHARES
FEATURE MARKET
Secretary Mellon Finds
Money in Ample Supply and
Business Gaining.
BY L, A. FLEMING.

Today's session OF the local Stock
Exchange was decidedly interesting
because of the diversified character
of the trading. many stocks showing
on the sales sheet for the first time
this year, new values being estab-
flshed
Firemen's Insurance at 17%; ecu
rity Storage at 230. Washington Mar
ket at 40. with an early sale at 80;
District Title at 15. and Washington
Title Insurance at 5 were among the
unusual transactions of the day.
Mergenthaler was firm at 16SSs
firm at 130.
Public utility shares were quiet, but
steady. Capital Traction sold at 991a
and TAN asked. the common being
quoted at 63a bid and 65 asked.
Bonds were neglected, the only
sales made being of Railway As, at
u, and Potomac Electric consolidated
bs, at 97A.
Money Supplies Ample.
Secretary Mellon sees no imme ediate
prospect of an increase in discount
rates. many contrary rumors notwith-
standing, and the credit facilities of
the country should be ample to alb
sorb not only the present demands
resulting from a very full volume OF
business" but also to take care of q
considerable accelera ton without in
creasing rates.
Treasury officials gave assurance
that there seemed to be consider
q BILE supply of money for investment.
with all offerings of government and
commercial paper being snapped up
VII "a
selves have not yet strained their re-
sources to care for the business re-
vfval, according to reports, and Will
be ready to handle the increasing
growth which very confidently may
be expected.
Nearly 100 Per Cent Activity.
Industrial activity has increased. it
was said. until at Pittsburgh. for in
stance. the steel interests are operat-
Ing at SO per cent, which is consid-
cred practically 100 per cent. No seri-
Gus shortages or other troubles with
labor have been indicated.
Railroads were said to be contin- =
uing to enlarge their facilities, while
at the same time there was reported
a large volume Of new construction
for the enlargement of various kinds
of industrial plants.
Briefly il was stated that every
thing seems about normal"
Calling of the 1918 issue of federal
farm loan bonds at per cent II was
explained, was for the purpose OF re-
funding. as 1t had been possible on
the last offerings 10 get money at "
per cent
Holders OF the farm loan bonds will
be given the opportunities OF ex-
change, il was explained, when the
new issue is offered.
The new intermediate credit banks
! provided for under the new farm
credit act were discussed at a confer
| ence yesterday between Secretary OF
the Treasury Mellon and Commits
sioner Lobdell OF the Farm Loan
! Board. but the rate at which the new
! credit facilities will be offered to the
! farmer has not been determined.
VIII Aid shriners.
! District of Columbia banks will
! aid in the entertainment of the
Shriners in June, with contributions
going directly TO the official com
mittee.
Harry Haynes of the Farmers and
Mechanics Of Georgetown, chairman
of decorations for local banks. sug-
gests that all institutions patronize
local dealers exclusively. which is
nothing more than u matter of CO.
operation.
1t might also be of advantage for
several of the larger institutions &c
uniform decorations that would add
to the effectiveness Of the ensemble
metropolitan Declares Extra.
The National Metropolitan Bank
directors at g. meeting yesterday de-
olared an extra dividend OF per
cent in addition to the regular OF 5
per cent. payable April Is. to share
holders OF record April s. books re-
naming closed until the 18th instant