Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-12-06
WASHINGTON STOCK.
EXCHANGE QUIET.
Metropolitan Railway, Po'
tomac Electric and Gas
Shares Change Hands.

1t was rather aruiet day on the
Washington Stock Exchange, but
there is usually some relaxation in
the trading on Saturday. The number
of trades and the aggregate OF stocks
and bonds that changed hands were
enough to save the session from being
called dull.
\ $1,000 Metropolitan Railroad went
across at 95 and a $1,000 Potomac
Electric first = and 93ia. Three trades
were made in Washington Gas stock
fhe first and second of 25 shares each
and the third of 10 shares. all chang
ing hands al 49S4.
: Ten shares of National Savings and
Trust Company stock were bought at
2S5
After call 20 shares of Capital Trac-
ton stock sold at 901a.
Columbia Graphophone.
Columbia Graphophone was fea-
ture of the specialties on the New
York Stock Exchange yesterday and
made an early high at II. up 3. The
stock sells ex-dividend, 25 cents in
cash and 1-20 of a share in stock, on
December 10 and much of the buying
is said to have been to secure this
dividend. Graphophone earnings show
a steady increase and there is every
reason for believing that the company
Iwill continue indefinitely it's stock
disbursements as well as fair
amount in cash. At 20 and counting
in the stock and cash dividends the
return on the investment in Column
bia Graphophone common is Il per
cent. The story will not down that
plans are under way. which ultimately
lead to a consolidation of the Column
hia and Victor concerns. Important
interests in both companies are said
to favor consolidation, believing it
would be to the mutual benefit of the
two companies,
Continued Money StrinEeney.
Rates for call money have reached
a very much lower level: the indica-
ton, 50 far as it goes. is a good one,
but should not be mistaken" says
high financial authority. "It has been
well understood that any undue &C
tivity on the part Of borrowers in
terested in speculative operations in
securities would be followed by an
imm ediate advance in rates. There
Is therefore nothing in the situation
to alter the opinions already express
I'd in this circular concerning the
scarcity and costs of call money to
he expected for some time to come.
The declining reserve percentage of
the federal reserve system, which was
reported on November so as little
more than As per cent, has again
called attention to the fact that the
available resources of the federal re-
serve system are on a decidedly lower
basis than heretofore, and instead
of recovering under the influence of
the contraction policy have apparent
ly grown weaker
F., This decline in reserves may be
explained in various ways, but the
fact remains that it is present and
that no explanation is sufficient to
alter the fact that the available funds
to be had on rediscount paper are
steadily shrinking"
Chesapeake and Ohio.
The committee on securities of the
New York Stock Exchange has ruled
that Chesapeake and Ohio common
stock be not quoted ex-dividend on
December and not until further
notice.
6. w. Dawson Chosen Director.
George willets Dawson, president
and chairman Of the board Of trustees
Of the Central Union Trust Company
Of New York, was elected a director
of the Mercantile Bank of the Amer
.icas of New York. Mr.. Dawson takes
Athe place on the board of the Mercan-
tile Bank of the Americas left vacant
by the recent death OF James N. Wal
lace.