Evening star., 1925-01-04
Pepco's Impounded Fund Put
In First-CIass Securities
Government Obligations Account for
Half of Fishers "Foster CHId.'
Other Financial Notes.

to comparatively low figures. At the
beginning of June the corresponding
figures were 1862, 100000. or less
than $500, 100000 above the figures of
December IL, 1923. The increase since
June has been over $1,900,000,000
This does not look as though the
gold importations had been in cold
storage.
Condition OF National Banks.
The reporting member banks do only
about 90 per cent Of the total banking
business of the country. but as they are
located mainly in the larger cities, the
reports Of all national banks are Of in
terest In this connection. The con-
troller's abstracts of these reports show
that from September IA, 1923, to Octo-
Der 10, 1924. deposits of the national
system increased $2,o6S.268,0 900, bills
payable and rediscounts decreased
s459.764 900. loans and discounts in
creased s275, $4,000, United States
Government securities decreased $23,-
572 900, other bonds, stocks, securities,
etc, increased s498,736,0 900, due to
banks and bankers increased $920,999,-
600. The latter signifies drift Of sur
plus funds to the centers.
New Loan Record I'm 1924.
The year 1924 set up a new record in
State and municipal borrowing. Bond
issues fioated by States. counties, cities,
towns and districts to finance the build
ing of permanent public improvements
aggregate not less than s1,400.000,00
This figure includes loans Of territorial
and insular possession Of the United
States and municipalities therein. In
addition, there was raised. through the
placing of temporary loans, total Of
1854 ,459.252. The corresponding totals
for 1923 were $1.111, ,159, 1888 and S497,-
436. 400, respectively, and for 1921, here
tofore the record year for municipal
financing, s1,3S3,36s,9o0 and S762,o37,-
232, respectively. The figures are fur
nished by the Bond Buyer.
AS Of January l. 1925, the total out
standing amount Of American State
and municipal bonds held by the public
may be said to approximate s11,oO0,-
10000, or about hve-sixths Of all the
fully tax-exempt securities in existence.
Year Remarkable Period.
The last year was a remarkable
one from the standpoint Of the
municipal bond market, the Buyer
continues. A sharp reduction in the
volume of new loans was generally
expected. Instead, borrowing was on
a larger scale than ever. This in
creased supply, together with less
valuable tax-exemption feature, re-
suIting from downward revision of
income tax rates, did not prevent the
market value OF this class of bonds
from advancing steadily throughout
the greater part OF the year. The
average price of 20 large city bonds
Expressed in yield to the investor)
on January 1, 1924, stood at per
cent. On November l it read All
per cent. A decline in November and
December carried the average back
to 4.16 per cent at the close of the
year. The record of the municipal
market in 1924 illustrates how close
ly municipal bond prices follow the
money market and how slightly they
are affected by a materially increas ed
supply of new bonds Or the greatly
overestimated factor of tax-exemp-
tion. y
Unlisted Securities Prices.
The following latest ibid" and
asked" prices for unlisted securities
are quoted for the guidance of hold
ers of these issues: