Evening star., 1924-08-05
MONEY CONDITIONS
DELAY PAYMENTS
Treasury Reports Unusual
Standardization Local
Financial News.

Money market conditions are now
having the peculiar effect of delaying
slightly the process of paying off the
pubic debt OF the United States.
treasury statements of finance op-
erattons today showed that last year
between July and August 5 the gov
eminent spent $35,47o,800 in paying
on It's outstanding debts to the sink
ing fund. For the same period this
year no money was expended.
The reason assigned for the sit
uation was that at the present time
all obligations Of the United States in
the form Of bonds. notes and debt
certificates are selling at premium,
which in the case of one issue is
above per cent.
The law does not allow the sinking
Iund payments to be invested in any
thing but Government obligations, and
TO make sinking fund Investments at
THIS tune would occasion loss by rea-
son OF the fact that the Government
would nave to pay above par for any
thing that it purchas sed.
sinking fund purchases can be made
az any time during the current year,
and, in consequence, the Treasury is ex
ercising the discretion of holding its
FUNDS in cash instead of putting them
out ana paying the premium.
France Pays Interest.
me net cash balance in the general
tund today was S237,3406s4 a part of
which must be used before the end of
fund
one payment to the United States
or si0.GOO,o00 was received yesterday
as interest from France, on the
Sssoo,ooQ'ooO Indebtedness which arose
from the sale to that country after
ene war of all the American Army
supplies which were not returned
When the Army came home On thi.
oeot France has regularly PAID inter
9sl: tnough on the loans made by the
onited states to the French govern
ment for the purpose of fighting the
war. which total a much greater sum.
france mas paid neither interest nor
instruments on principal.
Full Lanston Dividend Likely.
The board of directors of the,
Lanston Monotype Company, meeting
tomorrow in Philadelphia, will, in all
PROBABILITY, declare the regular QUAR-
terly per cent dividend. This was
the authoritative, though unofFieiaI
prediction in financial circles today
Where II was reported that the COM
pany had easily earned the dividend.
declare it.
The new position of chairman of
the board of directors is expected 10
De created at the meeting. j, Thit-
man Hendrlck of this city, who is
now chairman of the executive COM
mlttee OF the company, will probably
be elected to this post
Today's Exchange Trading.
14anston Monotype was active on
the Washington Stock Exchange to-
day, Al shares changing hands atSlia
and 10 at S1A. Twenty five shares OF
Washington Gas Light went at 49@t
! while three of Washington Railway
ana Electric preferred sold at 15A
3s Railroads Run al Loss.
The Interstate Commerce Commits
sion reported today that railroad
earnings in the southern district for
| June totaied $68.2l5,0s3 or at the an
nusi return rate of SIS per cent
| Thirty-eight class one roads operated
| at a loss during June, OF which Ii
were in the Eastern district and four
in the Southern district
| Expenditures for maintenance for
| the first half OF 1924 totaled $f.o24.-
! So2, $50, reduction of sS1.412,440, or
| IA per cent under the same period
| last year
Pennsy Employees Buy stock.
! Purchases of stock of the PennsyI-
/ vania Railroad by employees show
| steady increases. A total of 5455s
shares has been purchased from that
| source to date. This compares with
nearly 1000 shares The number of
em mpioyes who have purchased stock
/ approximates 12,500, an increase of
nearly 2,500 in month
The report of the Pennsylvania
| indicates that dividend requirements
on the stock were more than earned
during that period. approximately
| Wis share was earned on the COM
| pany's outstanding shares and al
| half-years results would indicate
about SIS share on the s50-par stock.
Railroads Methods Scored.
The Interstate Commerce Commits
| sion today instituted an investigation
! into reports that the Pittsburgh and
ployfng track and other maintenance of
| way labor through contractors who
are paid percentages of the total
| pay rolls of such employees.
The commission. in the order, said
such a practice has not been CON
sistent with efficient or economical
| management of the road.
Heads Train Control Firm.
James William Bryan has been
elected president of the Warthen
Train Control Corporation, a local or
ganization- with patents on a device
for automatic control of trains. The
Interstate Commerce Commission re~
Gently ordered the installation of au-
tomato train controls on more than
so roads laying down specifications
which must be met in such instalIa-
ton.
Norway Bonds ON Sale.
The s25,000, 900 bond offering of the
Kingdom of Norway. announced to-
day by syndicate. proved a feature
among representatives of the syndi-
cate in Washington. The issue is Of
fered at 97iz, with interest to yield
622 per cent, and will run for twenty
years. Among the houses signing the
official announcement were j. P. Nor
gan & Co., the National City COM
pany, Guaranty Company of New
York, Harris Forbes & Co.. First Ma.
tional Bank. New York; Halsey, Stu
art & Co. and others.
City Bond Issues Fan On.
Municipal bond issues fell off
sharply In July, as compared with June,
according to compilations by the
Bond Buyer of New York. Municipal
offerings had reached a record-break-
ing total for the six months ended
June 30 it was said. The output of
state and municipal bonds in July,
according to the table prepared, was
$ss,465,636. This. however. was
higher than July, 1929, which totaled
$67,547,Ss7.