Evening star., 1921-09-01
GOOD RETURNS ON
! LOCAL SECURITIES
Railway Officials Call Atten.
tlon to Yield on Issues.
! Reserve Board Comment.

; klVu " bbStN VII soSSS
Reserve. Board Comment.
BY I. A. FLEMING.
Quarterly dividend checks on the
preferred shares Of the Washington
Railway and Electric Company were
mailed to shareholders last night. In
closed with the checks was a prepared
statement showing the various bono
Issues of the Washington Railway ana
Electric Company and also those OF
the Potomac Electric Power Com;
pany, giving date Of maturity, price at
this time and the yield If held to ma
turity. Included in the list were the
preferred shares of the former cor
poration, a cumulative dividend payer,
selling at Sc and producing a return
of 8.93 per cent.
rent price indicates that there are just
as good opportunities for profitable
investments on the local list as there
are on the New York exchange. In
the list are maturities of 1928 and
1925. in the event of a short-term in
vestment being desired.
The list follows:
Potomac first 5s. due June 1. '29;
yield. $50 per cent.
Potomac con. 5s. due. July 1. 's6;
yield, $50 per cent.
Washington Ry. As, due. December
!. 81; yield. 7.1O per cent.
Met. r. r. Co. 5s. due February 1.
'25; yield. 7.30 per cent.
a: 8 P: River 5s, due. April 1. '4s;
yield. $50 per cent.
Potomac Co. IS. due. July 1. '2s;
yield, S.25 per cent.
City and Sub. Ry. 5s. due. August
!. '4s; yield: s.25 per cent
Potomac deb. IS. due. January 2, rs;
yield, S.25 per cent.
Ry. & Elec. Co. IS. due December I,
'23; yield, $40 per cent.
Forms for "Call, Ready.
Bankers have received the forms
for the responses to the "calr' of the
controller of the currency. which
days. for reports of conditions at the
close of business, probably August 81.
1t is a matter of pure guesswOrk as
to the selection of the date, but the
last previous call was for conditions
at close Of business. June 80. hence
the belief that it will be for the last
day in August.
Junior officials welcomed a further
reduction in the number of schedules
to be prepared and an entire absence
of new interrogatories.
1t will take the final figures to show
whether there has been an increase
during the interim between calls. in
bank deposits. or not.
Bank deposits have held up re-
markably well. but some of the
larger institutions have recently sus-
tafned losses, that may be credited
to investments made, and in some
ings banks will probably show a
more or less steady increase.
Reserve Boards Views.
The Federal Reserve Board has issued
q forty-two page pamphlet report of
conditions throughout the country that
Is of considerable importance, coming
from the source it does, one familiar
with banking and business conditions
in every section of the land.
THE manufacturing outlook is de-
cidedly spotty, due to the fact that there
has been greater progress in some lines
than in others. The decline in iron and
steel continues. although some increase
in orders is noted since the end Of July
Textiles and leather lines show in
dication of great activity, many mills
being booked up further ahead than at
any time for months past Seasonable
dullness in textiles has caused some
dropping off in orders, but future orders
are reported very promising.
Little improvement is noted in ma
chine and engineering industries. Price
movements. on the whole, have been
limited, but with a slight upward ten
OeNCN III SpUc groups IH6 fSQe1al re
serve Board index figures show an in
crease of points, to 141. The index of
the bureau of labor statistics was the
same as in June.
.Postponement of reduction in re-
tail activity is due to the fact that
ly takes place when accumulated pur-
chasing power is reduced.
During the past year the mainte-
nance of retail trade activity has been
,0to Inv Il nIry =
few weeks has reduction parallel
ing the previous falling of in manu-
featuring been observed. A closer
adjustment of retail to wholesale
prices has been observed.
Large figures of unemployment
have been reported to Congress, but
it should be remembered that these
figures are based on comparisons with
the peak periods of employment of
1920. The month Of August shows
July"
Reviewing the situation, the reserve
hoard has this so say:
Slight Improvement in some
branches of foreign trade. fairly good
agricultural yields and enlargement
of manufacturing demand seem to
point to a more favorable autumn
season, but the situation is not such
as to forecast any extensive or i'm
mediate revival cf business in a large
sense
Local Bonds Active.
There was large trading. relatively,
in the market for bonds today, indicat-
ing the reinvestment of dividend
funds. Railway As were active to the
extent of $1,000. selling at 61A early
and reacting to 611a Potomac first So
were steady at S9k and Washington
Gas 5s sold 771A.
A sale of the common shares of the
Washington Railway Company was
made at 25.
Washington Gas reacted from ASH
to 451a. Mergenthaler was quoted at
100
Thirty-Two Years Ago.
Just thirty-two years ago Harry H.
Mckee. George o. Watson and John
NJ. Riordan opened the National Capt.
tai Bank. on Pennsylvania avenue
just east of the Capitol
Mr.. Mckee has been with the insti-
tuition ever since, being its president
today. George o. Watson is still in
the banking business. being at the
head of the Liberty National Bank
and John NJ. Riordan 10 the cashier
and practical manager Of the Bank of
Commerce and Savings. All stand
high in local financial circles and have
made their mark in the banking his
tory of the city. All are comparative
ly young men and all will recall with
sincere pride that this is the anniver-
each.
Expert Comment.
The National City Bank circular
says: 1T is not difficult to see what
ia the matter with industry in the