The Washington herald., 1921-08-24
LOCAL SECURITIES
FAIRLY ACTIVE ON
DETRICTEXCHANGE
Bonds Assume Leader
Ship-Capital Trac
ton Declines.
OTHER LOCAL NOTES
Mellon Calls in Funds-Do-
herty Sums Up Public
Utility Situation.
OTHER LOCAL NOTES

\ comparatively active trading
Session manifested itself on the
Washington stock Exchange yester-
day, with bond issues assuming
market leadership. Prices gener-
aiiy-held steady except in the case
Of Capital Traction STOCK. fifteen
shares of this security affecting a
decline of s51s.
Wellington Gas II per cent
notes opened trading with $500
at 1o3. to be followed by Railway
general IS to the extent Of $4,000
at -. Potomac Electric general
mortgage Is were the only con-
spicuous securities on the local
board, 10000 of these selling in
blocks Of $1,000 each. at s6. while
the consolidated IS changed owner
ship to the amount of $1,000 at S..
Washington Gas IS bonds, aggre-
eating $500 at77. were also re-
corded.
IN the stock list WASHINGTON
Railway preferred. In addition to
the Capital Traction mentioned
above was teh only issue to show
activity, a single share selling at
SAY.
Lending banks continued to ask
per cent for call funds. with 6 per
cent representing the minimcm bid.
Mellon Call. In Funds.
Secretary Of the Treasury Mellon
yesterday issued a call for 5 per
cent of the balance of credits held
by national banks resulting from
tho recent sale OF Treasury Ger
tificates.
This will aggregate a withdrawal
Of approximately sIs.000.000.
Public UdIities
In summing up the public utility
situation, Henry l. Doherty, Of
Cities Service Company, has the
following to say:
Reports the country over from
public utility properties Indicate a
steady tendency toward a lower ra-
tIoNof operating costs to gross rev.
nues and a consequent increase in
net revenues. Because of the depres-
sion In general industry which has
closed down In whole. or In part.
the fndustr al plants OF the country,
power loads Of the public utility
properties have decreased material
~ when compared with a year ago.
but In many instances while this
lessening Of the power demand has
been reflected in gross revenues 1t
has not had any material effect
on the net revenues OF the utility
companies. One Of the principal rea-
sons for this was that not being
prepared to meet economically the
heavy demands for Industrial pow
er made on them. central station
electric plants made but little profit
on their power loads. or. in other
~ ~
power was reflected in gross reve-
nues IL did not reflect itself to any
where near a. great an extent in
the- net operating revenues of the
companies. The first six months of
1891 were the best from a net earn
ing viewpoint for several years. and
all indications point to the last six
months being fully equal to, II not
greater In this respect. than were
the first six months.
= Because OF the curtailment In
the Industrial activities. there has
been a decrease IN the average
daily kiloN at hour output of central
stations. the average daily output in
May Of 110. 100. 900 kilowat hours be-
ing the lowest reported since Sep
tember. 1919. However. the most en-
SOuIAklu6 IACI derived from Ine re-
turns from central electric stations
for May as reported to the Electric
World was that while gross reve-
nues OF the light and power utilities
for the month Increased by $500
900 over Nay. 1920. the operating
and maintenance expenses. exclu-
sive Of interest. taxes. depreciation
and sinking funds. increased by
only ss5o.ooo over the corresponding
month OF he preceding year. This
gives some idea of the increased
operating efficiency which has been
brought ahout and also the lessen
Ing Of operating costs due to lower
prices for material. fuel and other
items entering into operation. The
structio nof additional generating
TO gross revenues OF steam gener-
ating stations for the first five
months Of 1921 was $50 per cent
comparing with ssh per cent for the |
first five months Of 1920.
The greatest need of the public |
utility industry At the present time |
Is new capital funds for the con-
struction Of additional generating |
equipment, transmission lines. |
transformers. substations and other |
apparatus. that plant facilities may
Be equal to the demands made upon