Evening star., 1920-07-11
HIGH MONEY PERIOD MAY
CONTINUE FOR. SOME TIME
Bankers See Evidence of Betterment, But
Progress Is Slow-Further Adjust
ment tNeeded-LocalS Securities.

Railway preferred have A9es tho
| Ing the past week.
The Capital Traction Company must
be on the high road to prosperity.
making use of the big profits Of the
high rates for putting its house in
order and its tracks at the same time.
The next per cent dividend is un-
| questionably assured, which. at the
price, gives good return on the
property.
The company must be doing well
! for the simple reason that the Off
I cials Of the Washington Railway and
Electric Company admit that their
| that 1t Is doing fine, but they do not
seem to be sure of the preferred divi-
dend.
The cut in the price of the Potomac
| Electric Light and Power has ma
terialiy reduced the earnings of that
corporation, while accidents due to
storms has put part of it's valuable
| machinery out of service at a con-
siderable expense in the economies
of the system, delay in getting the
| turbines to the General Electric Com
pany and delay in getting them back
| into position.
The Typesetters.
For the last few weeks the type-
settlers have been decidedly slow, only
| a few shares sold. but with a daily
tempting of the market for buyers.
Evidently some of the local interests
that accumulated considerable guam
titles of these stocks at lower levels
and finding urgent need for their
money in other fields now under cul-
tivation have been willing to take
concessions to make sales. All news
is favorable as to both Mergenthaler
and Lanston.
The long period of depression in
stocks has brought many securities
down to where the yield is in keeping
with the value of money today.
Farm Protective Committee.
Graham, Parsons & Co. of Phila-
delphia have issued a circular let
| ter to the holders of the Washington.
Alexandria and Mount Vernon 5 per
cent bonds, in default on interest. as
follows:
I'VE beg to inform you that the
Washington-Virgini Railway Com
the funds necessary to meet the de-
ferred interest on the Washington,
Alexandra and Mount Vernon bonds.
"In view of this situation, the hold
ers of securities, junior in lien to the
above mortgage, have formed COM
mittee to protect their equity in the
property, as follows:
Joseph Wayne, jr., president of the
Girard National Bank of Philadel-
| phia; H. w. Goodall, vice president of
| the Guarantee Trust and Safe Deposit
Company. of Philadelphia; r. Golden
Donaldson and Clarence F. Norment
of Washington, Van Lear Black OF
Philadelphia and Howard 8. Graham
of Philadelphia.
"It is our confident expectation that
this committee will arrange for the
payment of the overdue interest on
the above bonds. and We hope to be
able to notify you shortly that the
same has been accomplished"
The junior securities referred to
are the common and preferred stocks
of the Virginia Railway
Company.
Dividend Is Declared.
The Washington Loan and Trust
Company will pay its regular Az per
cent dividend August 1, books clos
ing July "a.
Henry CIews' View.
Outside of the preparations for the
settlement of the German indemnity.
the European situation has shown few
signs of change SO far as economic
questions are concerned. The attitude
of European observers and critics
toward the conditions in the United
States indicates but little hope for a
more active Interpretation of our re-
lation to foreign affairs. 1t would
appear that both the democratic and
republican platforms have led Euro
peanS to the view that the outcome
of the elections will be to emphasize
the policy of isolation of the United
States to which such strong excep-
tion has been taken.
This is likely to push forward the
plans for an adjustment of the Ger
man indemnity and for the establish
ment of exchange relations upon a
more stable basis if possible than
now exists without awaiting the par
ticipation or assistance which had
been hoped for from this country. I.
A gradual development of trade rex
lations between the European coun-
tries and the United States, without
any form of American participation
save in so far as private capitalists
may see fit to furnish funds. is
therefore to be looked for.
Renewed importations of gold into
this country during the past week on
a small scale once more Indicate
recognition of the difficulty of plac-
ing securities in the United States.