Evening star., 1921-10-11
utility ISSUES
i, SHOW FIRM TONE
Prices on Today's Transac-
tions Indicate Strength.
Reserve Board Review.
BY i. A. FLEMING.

Investors seeking public utility
stocks and bonds do not find any
large amount of these securities Of
fered for sale and the tendency is
plainly to Strengthening of prices.
Today's transactions included Poto-
mac Electric general 6s. at 81. and
hallway As. at 60A, with good de-
mand, but no transactions in other
bond issues.
Capital Traction shares improved
to 81. Lanston Monotype firmer at
12I and Washington Gas shares
firm. at ASH.
The volume of business was some
what restricted by limited offerings.
Tomorrow will be Columbus day.
and as such will be a holiday in~the
security markets of New York city
and Washington. 1t is not Il nation
al holiday and the banks will be open
as usual.
Railway Earnings Large.
The Washington Railway and Elec-
trio Company passed through the
month of August with gain in net
income of $51,s35. the total net being
S234,281.
Potomac Electric lost about $4,000
in comparison with the net of August.
reporting but s47.027 for the net re-
turns. A large part of the gross was
set aside in the escrow fund for con-
sumers in the event of the company
losing its suit against the cut in prices.
The feeder" fines of the Washington
Railway and Electric Company were
suckers" as usual taking consider
able from the profits of. the company
to maintain. Georgetown and Tenley-
town took s2.112.6S: Washington In
terurban s543.13 and the City and
Suburban earned minus $21.236.
On Manufacturing.
The Harvard committee on eco
noInic research has issued a bulletin
relating wholly to manufacturers as
covering the years l919-l920 and 1921.
For the year 1919 the monthly aver
age index figure, of 100 is taken in the
making of comparisons. Iron and
steel activities for 1920 on this basis
stood at the end of December at 77.9
and a the end of July of the current
year the figures were 34- Each month
of the present year has witnessed a
reduction. In the lumber business
reverse conditions have existed for
after getting down to rs with March
of the current year it rebounded to
1907 in May and in June stood at
aS.5. Paper industry was repre-
scented by 100 in July. 1919. and 93.3
in June. 1921. Petroleum industry
closed the year 1919 with 1876 as the
index. closed in 1920 at l%+ and de-
c'ined in activity in July of this year
to 1871. Food industry was repre-
sented by 1885 at the close of 1919,
Ss.4 at the close of 1920. stood at
s2.3 in June of this year Tobacco,
one of the industries that are gem
orally active, ran upon production
from sS.s in February. 1919, to it's
high point 1891, in March, 1920, and
1921, we find it pegged at los.
September Review.
The Federal Reserve Bulletin for
October says of September trade:
Further decided Improvement in the
credit situation has been the note
worthy feature of the business situa-
tion during September In the south
Improvement in the wholesale and
retail trade is expected as a result
or the farmer being able to settle his
debts.
The advance in iron and steel, first
noticed in August, has been sustained
during September. especially in GER
tain lines. notably in pig iron and
light products. such as wire and
sheets, in which price advances have
been made.
Easier money conditions have
grown out of the gradual liquidation
of the south and east and two banks
The. shrinkage in bills held is a nat
ural outgrowth of the credit situa-
ton Taken all in all, the month has
been. in the main. period of dis
ttnct announcement and gives prom
fse of better conditions s the autumn
and winter advance"
So far this year each month has
witnessed the retirement of victory
notes. the monthly purchases in
creasing as the position of the Treas
ury improved.
For nine months the totai retire
ment has been s516,S19,100. In the
month of September the Treasury
purchased s97,065.650 in the open
market.
With the exception of the month of
June, when S10S.16S,750 were 'pur-
chased. last months purchases were
the largest of the year to date. Sep
tember 80 there We're outstanding So
T09,106,6O0 of victory notes
Rolf Z. Boiling. president of the
Commercial National Bank, is enjoy
ing vacation at the old home in
Virginia.