Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-01-15
TREASURY NOTES
ARE QUICKLY TAKEN
New S3OO,0O0,OOO Issue Is
Already 0versubsCribed by
About $500, 900, 900.

Secretary Mellon yesterday an
nounced that the latest Treasury
offering of 100000 900 in Az per cent
4, Treasury notes, maturing December
TO, 1927. had been oversubscribed by
sabout 100000. The results of the
offering were described as entirely
satisfactory"
The usual rst-of-the-year rein
vestment demands appear 10 have
accounted for the heavy oversub-
scription. but figures available
showed. IL was said, that the bulk of
the amount offered had been taken
by smaller investors. Approximately
$685., 100000 originally offered was
covered in subscriptions of less than
100000, which is unusual in the sale
OF such securities, according to
officials
Although the subscription books
closed Saturday night. the Treasury
announcement said that unregistered
war savings certificates of the 1918
series and per cent and "a per cent
victory notes. maturing in May, still
Will be accepted in exchange for the
new notes up to the close of business
today. This time limit includes ex-
change subscriptions actually in the
mails at that time.
BY the f1otation of the 1927 notes
at this time. the Treasury will not
be required to issue new securities
in any form for several months. it is
believed Heavy exchanges in both
1918 war savings certificates and
victory notes into this issue of notes
and previous Short-term securities
permit sufficient balance to remain
in the Treasury to meet current re-
quirementS for cash in running the
government.
The next interest payment on the
public debt is due March Is. which is
coincident with the first installment
of the years taxes.
National Savings and Trust Company.
There will he no changes in the
directorate or officers OF the National
Savings and Trust Company at the
annual shareholders meeting. TO be
held late today, according TO officials
of the institution, but several names
will he added to the list of directors.
Immediately following the election
OF directors the board will organize
and install the present roster of
.ofFicerS
Those of the old board TO be re-
elected today include Woodbury. Blair,
lanes a. Buchanan. William 4. II.
y. Cox. William T. Edmonston. Fred
crick A. fleming. H. Prescott Galley.
William ID. Hoover. Reginald $.
Huid HtotGr kauff@ mann
,
William II. Walker and Henry n.
Willard.
The officers to continue to serve for
923 are: William d. Hoover. presi-
dent: Woodbury. Blair. first vice pres
iden,: Frank W. Stone. second vice
president: Frank Stetson, trust Of
ficer: Charles c. Lamborn. treasurer:
+. PerciVal Wilson. secretary; Frank
L. Ullmer, assistant trust officer:
Bruce Baird. assistant trust officer,
md David Bornet, assistant trust Of
fcer.
compiled In answer to the last call
of the controller. December %. 1922.
the deposits of the institution totaled
$9.e29,0 94.79. and $9.946.S90.00 on Jam
parry l. 1928. The number of depos-
iFors on the same date totaled 41,92S.
, The banks total resources at the
close of business December 90. 1922.
amounted to Sl2,974,6l2.01.
The G.. q T.. OF Baltimore.
The Chesapeake and Potomac TEN
phone Company of Baltimore city to-
DAY is forwarding the third dividend
payment on the per cent cumulative
preferred stock of the company. Many
holders of this stock live in or near
this city.
In an accompanying letter. Prcsi-
dent A. f. Berry calls attention to
the fact that approximately $2,500,000
will be expended for additional plant
. necessary for new business during
'the year. These additions will ma
terially enhance the value of the
service, and VIII likewise increase us
earning capacity.
Comparative statements of earnings
of the company follow:
Operating revenue. ..... 81 BOASTS sI.S7S.00o
Operating expenses...... 5.5T9.S50 5.S42 900