Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-29
VALUES ARE FIRM,
TRADE LESS ACTIVE
Offerings Not Large-Ger-
man-American's Extra
=, Dividend.

While the volume Of business in local
! securities today was considerably lighter
than on earlier days in the week, there
was = decidedly firm tone to the mar
ket. 1t wide variance with the drifting
and irregular action in the New York
list Even the oldest observer" can
not recall times like the present in the
big market, nor are they able to ac-
count for It other than by the money
shortage.
Recently developed strength in all Sc
Electric Company was we'll maintained
with the preferred holding around 50 x
and the 4 per cent bonds at 81 \. A
sa-share let Of the common stock sold
this morning. the first in many days,
the advance in the bid TO 20 share
bringing out one sale.
CAPITAL Traction shares sold at Sc q
to SSl4. and Washington Gas. %. with
artivity in either. Traction IS were
firpuer, selling at sSA, practically on
aSpar with the stock.
Declares Extra Dividend.
The German-American Insurance Com
pany has declared an extra dividend
of per cent. payable November i
10 shareholders OF record October "a,
books reopening November 2.
The regular preferred dividend of
. per cent for the quarter has been
declared by the directors of the Dis
trict of Columbia Paper Company. pay
able December i. 90 shareholders of
record November Is.
Fersonal Mention.
r. J. McQuade. cashier of the Lib
erty National Bank. has returned
from Richmond. where he worked in
tutc of Banking
T. Z. Herrell of the Merchants
Bank is at Atlantic City.
Dig lGelsn Cot.
Standard Oil of Indiana cut its long
fipening melon" yesterdays rare
feast to stockholders-a stock divi-
dend of a face value Of $45 ,0o0, 600,
but actually about $144. 900.
Pertinent Comment.
Commenting on the conditions ex-
listing in the money market and in
the security trade. c. w: Morse, a
leading Wall street man. has this to
say:
Many men in Wall streetsincluding
some engaged in marketing of recent
new European loans, SO essential to
protection of International finance.
math of such big business should
have continued 50 long in the call
loan market. but there is a general
belief that the position will soon
work materially easier. though there
is no of3cial encouragement for hope
OF any early reduction of the federal
reserve discount basis.
There are several factors easily
diBcornihle ~ recent money market
influences, and some that are more
Obscure. It 10 possible that more OF
the buying Of the new foreign issues
has been speculative rather than by
the actual permanent investor than
we have believed, and thus has re-
quired : sw borrowing.
Such operations as the Sears-Roe-
buck issue also have called for much
money from New York for the in
terror, which is only beginning to
drift back here in the regular course
of business or through the rediscount
of New York Federal Reserve Bank
paper with the banks of other dis
tricts.
Government Big Borrower.
ITO these and similar demands has
been added~a call by the government
for payment of nearly all of its $685.
0ee, 900 of deposits with the New. York
hanks and from all national banks
which stood to its credit after the last
quarterly tax payment and the hota-
tien Of the new Treasury certificate
issue
"The reason for these sudden heavy
checkings is considerable of q mys-
terry to those outside of Treasury cir
scies, who are not cognixAnt OF any
special federal operations now in
progress.
About all one can say is that the
best banking authorities believe COM
modify liquidation is rapidly clear
ing the situation, and that good news
from the polls next Tuesday and rea-
sonably satisfactory September rail-
= road returns such as seem assured by
. the reports of certain roads thus far
received will aid materially IN the
establishment of better market
basis.
Should Show Improvement.
New issues of fixed-term securities
which great corporations are bringing