Evening star., 1924-03-10
TREASURY ISSUE
IS NO0,0(Q,oDO
Local Bankers Disappointed
in Rate-Today's Trading
on Exchange.

The Treasury is today announcing
an issue of s400,00o.000 in one-year
4 per cent certificates Of indebted
ness for refnancing the government
in the second quarter OF this year.
The certificates will be issued as
of March Is, at which time the gov
ernment must meet $550,0o0, 600 in
matured certificates and pay S143.-
100000 in interest on the public debt.
when it will receive at least the full
first quarterly payments on income
and profits taxes
statement by Secretary Mellon
said further interest payments on the
public debt were due April Is and
May Is totaling S217 ,000, 900. but that
no no further financing operations would
De necessary short OF June Is, the
next tax-paying date. This statament
sets at rest the recent Wall Street
rumor that a federal issue of $780,
ooo,Oo0 OF long-ternd bonds would be
offered this week -.
Treasury officials said they were
pleased at conditions in the market
at this time, which enabled them to
offer the securities at a slightly lower
rate than heretofore. The last issue.
and one year maturitieS, carried a
per cent rate for. the six rnonthS
paper and AZ per cent for the obliga-
uons maturing in one year.
Bankers Disappointed in Rate.
Local bankers. however, are In the
main, disappointed, they having ex-
pected 4A per cent rata Tho pre-
lateral loans is ~ per cent. which
would Indicate the new rate is little
low. They agree, however, that the
new offering, will prove a boom to
the liberty bond market, inasmuch
as liberties are now selling on a
basis better than per cent Trading
| in this market has been clrtailed
(, considerably in the last few weeks
on account of the anticipated Treas
ury offering and attendant oonjec-
lures as to what return the Offering
would bear, but it is expected to now
resume an active standing at rising
prices.
| Considering the present condition
iof the money market in the east, the
j issue Will, no doubt, be overSub-
Seribed. -
Cities Service Company Reports.
The gross earnings of Cities Service
| Company for the twelve months end
| ing January 81, 1894, were $16,60S. .49S.
| as compared with S14,SI0,9S9, in the
| corresponding period Of the preceding
| year, according to the monthly state
ment of earnings issued by the COM
pany. --
! In the same period net earnings
amounted to 16,10o,937. as compared
! with II, ,354 ,S92, and net to common
1 stock and reserves was SS,53s,76l, as
| compared with s7,932,612. This was
/ equivalent to s1S.49 q share earned on
the average amount of common stock
| outstanding. In the twelve months
| ending December 81. 1928, $1S.2S a
share was earned on the common
=stock :
| Preferred dividends were earned
2.71 times, as compared with 2.7O
! times in the twelve months ending s
December 81, 1928.
Money Now In Circulation.
Money in circulation on March !
was 81, ,S07, ,777,746, or $42,s5 per capita,
against $4,6s1, ,707,784, or SALT per
capita, the month previous. Stock OF
! money in the United States on March
| /, was sS.7S7, ,775,5 ,557 against sS,Soo,-
loss, ,564 February L.
! Gold coin and bullion was s4,53s, 49,
791. against s4.2Ss.2 .2s2.sS1 on Febru-
Larry l. -.. ,..-.- --.---. :-r
! Continued strength in favorite local
utilities featured on the Washington
! Stock Exchange this morning.
Washington Gas Light stock was of
ksightlS to 4aTs at the opening but
shortly. recovered to 5o,i at which price
TALL subsequent sales were made. Fifty
/; shares were sold. Railway preferred
| sold at a, and Capital Traction was
! unchanged at 95 "a. Eleven shares of
Merchants Transfer and Storage brought
10. ::
On the investment side Of the market
Es5,500 of Washington Gas IS Of 1888
upward, and $4,000 of Potomac Electric
icon nsoIfdated 5S sold at 9Trs