Evening star., 1924-05-07
BANK DEPOSITS DR0F
OF F$13,146,30OI IS DUI
Depletion to Extent Noted Viii
Be Shown at Close of Busi-
ness Tomorrow.
REPORT COVERS ENTIRE U. s
Review of Business Today on Lo
cal Stock Exchange.
BY CHAS. p. sHAEFFER.

Bank deposits throughout the couu
try will be depleted to the extent @
$13,146,300 by the close of bushes
tomorrow, Secretary of the Treasur,
Mellon having asked for this amour
this morning. The demand is for
per cent of the proceeds of the MarcI
Is sale of Treasury one-year 4 PEI
cent certificates remaining with tn
institutions on deposit
The government obligation totaleA
s2s2,925, 900, and s137,365, 900 of ex
changes. leaving s249,77s,o 900 with th,
banks. This is the first draught on tn,
| new issue.
Local Stock Exchange Features.
Strength and activity in Nationd
Mortgage and Investment preferre,
stock featured trading on the wash
ington Stock Exchange today. Thr
security, which is rapidly forging t'
the front as the local leader in vol
ume, sold to the extent of $50 shares
scoring net gain, for the day Of
quarter point. 1t closed at S7s.
Capital Traction stock remained weak
opening at 93A, closing one-eighth lower
on sales aggregating seventy-fou
shares. Railway common was fairly
strong at ~, as was the preferred al
at 48, sixty shares changing hands
Riggs Bank sold at 2S8h and 2S2i4
and Continental Trust Company brought
SO.
The bond side of the market was more
active than usual, Georgetown gas ;:
of 1888 sold at par and three-eghth;
and 101K. Potomac Consolidated IS
were unchanged at 81, and $1,000 Ana.
costa and Potomac Railroad 5s changed
hands at sc.
Durant Capital Stock Increase.
The proposed increase in the capita
stock of the Durant Motors. Inc, from
100000 to 100000 shares of no pal
value, which will be acted upon BY
stockholders on May 90. is for the pur
pose of acquiring the Star Motors, Inc
a w. c. Durant enterprise.
If the plan is adopted by stock
holders, Durant Motors viii make Al
offer to acquire Star Motors, Inc, by
an exchange Of one share of Duran
for each two of Star.
Durant Motors was first incorpo.
rated in New York in January. 1872
with an authorized capitalization OF
! 200. 900 shares, and in the following
April it was incorporated in Dela.
ware. In June, 1922, the stock was
increased 100 per cent. and it is now
proposed to increase 1t further by 81
per cent. The stock has been sold te
the DublIc through Jne lbuIdllt COEp'-
ration almost continuously since II
was first brought out. and on the curt
market at one time sold around u
and 80. The stock has been gradually
declining, however, and is now sell
ing below II.
of Durant Motors, 100000 au-
thorized shares, 1,200,216 shares were
| outstanding at the end of 1923, car
| ried in the balance sheet at $2l,O69,-
3S2 The company reported net IN
! come last year of S2.715,226. and the
| surplus at the end of the year
| amounted to s41,649, IFS.
New Offerings on Market.
f. H. Rollins & Sons are today of
| fering at 90 and accrued dividend. "a
yield 6.67 per cent a new issue OF
10000 600 of 6 per cent cumulative
preferred stock of Southern Cali
fornia Edison Company. This stock
is redeemable in whole or in part al
s115 per share and has equal voting
powers, share for share, with all
other stocks of the company.
Personal Mention
Ernest E. Herrell, president of the
International Finance Corporation,
who was seriously injured in an
automobile accident last Saturday
night, has successfully passed the
crisis, in the opinion of his ply
sicians, it was said at his home last
night. He, however, is still unable
to receive callers.