Evening star., 1921-03-23
LIGHT TRADING IN
LOCAL SECURITIES
Prices Generally Firm
Washington Wire Houses
Report Improvement.
BY I. A. FLEMING.

Trading in local securities continues
along restricted lines. but with a good
show of strength from day to day.
Washington Gas So were slightly off.
selling at 777.. while Potomac Elec-
tric general debenture IS brought ~.
Washington Gas notes remain pegsed
at loel..
sale of Railway preferred was re-
ported at ssh.
Capital Traction was held at $50.
with the bid price reduced to SS
The preferred was held at 60 quite
strongly at the Gloss.
The typesetters. in common with
miscellaneous stocks and bonds. were
inactive and nominally without change
as to price.
Trade Picking Up.
Around the various private wire
houses with direct connection with
the New York Stock Exchange busi-
Standing room only is a sign Of i'm
proved times. and. what is more.
there are not SO many waiting in
hope of holding on and getting out
with some profit as there were weeks
ago. and decidedly more sold out
hears who are anxious 10 get in
again.
The revival of interest in the in
dustrials is general. rubber and mo-
for stocks again being the favcrites
with spectators.
The annual report of the United
states Steel Corporation for the CAL
endar year 1920, indicated that the
corporation had earned 1852 a share
on the common stock, that the cor
poratlon was possessed of $274sSl.-
SO cash and marketable securities
and current liabilities of but $1oS,-
.45.195
The earnings in 1919 averaged
s10:14 share for the common stock
ana s19-e9 share in 1918.
Current assets as of December 81
I"-o. were s'o2.a7o,4S4: sinking and
reserve fund assets. s5o.3s2.254; net
WORKING capital. s595957.623. or
1919
cash or its equivalent in securities
consist of s15o.ooo.o0O liberty bonds
cssh subject TO check and $ses,S07
time deposits
current liabilities include $63,063,9s0
accrued taxes. This may be turned
from liability to an asset through
a cnange In the tax laws. a probability
Gross income for the year 1920 was
s1.Io5.417.e25. Capital expenditures
for the year included S104, ,s64, 7ss, less
appreciation. S1,7os.S25, balance $1oa,-
During the year the company com-
pieted and delivered from its ship
yards eighteen ocean steamers and
five oil barges.
There has been much talk Of wage
rsdueuon s3Hn a. by the steel corporation and
price cutting as well. II the record
OF 1929 could be kept up there would
be no need Of either
STUDENTS Of the market are wonder
ing how wage reduction would be con-
sidered in the light of this report
which gave the stock less than one
celIence.
Wall Street Notes.
Motor stocks have returned to fav-
or. and furnish by far the larger
share of the new business developing
on the New York Exchange.
Cancellations have not stopped by
any means H. F. Barker. chairman
Of the executive committee on credit
cooperation and credit methods Of
he National Association of Credit
Ven, declares that: THE cancellation
evil is worldwide American busi-
ifeve in few months cancellations
VIII be less frequent than they are
today Certainly on new contracts
the business community has q right
to expect clean buying"
In January motor vehicles to the
abroad. Mexico took 100 commercial
and 663 passenger cars; Cuba, 72
commercial and $40 passenger cars
For the year 1920 H. H Franklin
Manufacturing Company reports net
profits of s2.225.S25 and a net surplus
for the year Of $Ss6.515.
Most of the public utilities report
ing are having a hard time to show
increases.
4 venerable Wall street operator
soiiiiquized as follows: Il have
watched the common stock Of the
Erie railroad for fifty years. 1t has
been a fascination to me. perhaps be-
cause il is such waif among securi-
ties. For forty years ] have been a
stockhoider. When I bought my stock
forty years ago. Erie common was at
s12 share. 1t has been tossed about
a bit these forty years, but 1t is still
al $l2 a share, and IL. that is not q
tangible evidence of absolute stab;l-
ity what isc
Kelsey Wheel Company had a surplus
at the close Of 1920 Of $5.252 900.
Western Electric Manufacturin.
Company. earned SLIP share on
the common stock in 1920. The sur
plus for the year was $ss4,76s.