Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-08-25
SECOND BIC BOND
ISSUE ABSORBED
$40,0 100000 c., R. |. & P.
Transaction Stirs Interest
in U. S. Plans.

Another big bond issue, the $40 ,000,.
600 Chicago. Rock Island & Pacific
Az per cent, 1862, was absorbed in
quick time by the market today, set,
ting on foot speculation in Washing.
ton circles as to the apparent growing
investment demand, and as to what
the Governments next financing, on
September Is, will be.
On two successive days now, the
market has absorbed in the early
morning hour a $4,000. 900 bond issue.
the one yesterday having been floated
also by a syndicate of investment
bankers for the government of Aus
tralia. The reconsideration yester
day on the Australian loan was so
large that local investment houses
participating were allotted less than
so per cent on their subscriptions, it
was learned today.
Early closing Of the books this
morning on the c.. r. I. & 2. issue
was interpreted as Indicating a still
further growth in the investment de-
mand. Treasury officials are known
to be making close study of the sit
uation, with a view to deciding what
the September Offering of the Gov.
eminent will be. The Treasury will
have income tax payments falling due
on the same date, but of insufficient
quantity to meet obligations, which
include 100000 of maturities.
Problem Affects Liberties.
The Treasury is also faced with the
problem Of co-Ordinating this forth
coming issue with other financing
operations in November. when the re-
naming outstanding second Liberties.
both and Az per cent, have been
called. On September l, 1t is esti-
mated the amount of Second Liberties
will be 81 loo, 100000.
Bank stocks We'd with public util-
tiles again today In activity on the
Washington Exchange. while bonds
led in volume of trading. Prices were
steady to stronger.
Interest in bank stocks, which has
been evinced to an unusual degree on
the local market for the past week,
was shown today in trading on five
institutions. District National Bank
went at 242. Liberty National Bank at
228. Merchants Bank & Trust Co. at
1868, National Metropolitan Bank at
420 and National Bank of Washington
at 305. in lots up to 10 shares.
w. r. & e. i'm Volume.
Washington Railway Electric 6s
led in volume, $4,000 changing hands
at 103a, Washington Gas IS, both A
and B series, were active at 103% and
1884,, respectively. Potomac Electric
Construction SIS turned over at 102h.
For the new Charlotte, N. c., branch
of the Richmond Federal Reserve
Bank, the Federal Reserve Board has
appointed as directors: John l.. More
head, Charlotte; Charles A. Cannon,
Concord, N. c., and John A. Law.
Spartanburg, S. C.
The Richmond bank appointed Hugh
Leach, it's auditor, as managing direc-
tor of the new branch shortly to be
established. and w. H. Wood, Char
lotte; w. ]. Roddy, ST.. Columbia, S.
c., and Robert Gage, Chester, 8. c.,
as directors. Mr.. Leach will make
his headquarters at Charlotte.
The branch, establishment of which
recently was approved by the Federal
Reserve Board, will be opened for bust
ness soon, the exact date to be de.
termined by the bank.
From incomplete returns the Ma
tional Coal Association estimates the
total output Of bituminous coal in the
United States during the week ended
August 20 as 100000 net tons.