Evening star., 1921-12-09
SHARP ADVANCE IN
LOCAL UTILITIES
Stocks and Bonds Both
Higher-CapitaI Traction
Shares 90 7.8 to 90.
BY 1. A, FLEMING.

Local securities were decidedly
active and must stronger on today's
session OF the local stock exchange.
The improvement in utility stocks
reflects in strong degree the better
ment in the bonds of these corpora
tions, and both tell the story of the
OF the investors of today TO
get their money working, while yet
the rates are tempting and the full
effect of the easy money market has
not made itself felt on the bond list.
Bond output for November totaled
$5s7. .s45. 900 and the absorption of late
the marketing, with the demand un-
satisfied
Local bonds have heretofore shown
little sympathy with the action of
the New York market for like securi-
ties. but the vastly improved position
Of local utilities has brought about
distinct change for the better in this
respect
New highs were made on all utility
bonds except the Potomac General and
Refunding Is. which held at their late
hfgh-104 were active to the
extent of but $1,000.
Potomac first 5s. back at 91h and
the Consolidated IS to 80 are both new
nlghs on this movement and several
points above recent transactions
Capital Traction SIS were also very
strong. selling to s3z. and Washing
ton Gas Is are firm at 104
Local investment bankers are de-
cfdedly bullish in their conversation
regarding the future Of these securi-
tles, contending that their returns on
INVESTMENTS warrant higher figures.
capital Traction stock moved up
sharply to s2h and SO. Washington
Bid and asked prices on railway
shares indicated considerable
strength strength especially in the preferred
Lanston was active, over 800 shares
being marketed. From an opening at
12H. the price declined gradually
under the heavy selling to II. al
though at the close 71h was bid.
Columbia Graphophone preferred
came to life on the local board for
the nrst time in many moons. a total
OF 400 shares preferred changing
ownership at one price, SIS a share.
representing a loss of just $50
share from the fiotation price of the
per cent preferred shares.
An Open Question.
The Wall Street journal. in a dis
patch from Washington this morning,
makes the announcement that there
VIII be no further issues of Treasury
certincates during the current year.
mas been expected from day to day
The Treasury will be fattened with
ipurtn-installment payments on in
come taxes for 1920 on the 18th in
stant. but 1t will have to redeem many
certificates.
Local bankers still look for Decem-
Der 15 financing.
At regular meeting of the direc-
tors OF Southern Railway Company
no action looking to assumptions OF
preferred dividends was taken, in
deed, the matter was not even con-
sidered.
Federal Reserve Bank Ratios.
Inc ratio of reserve of the federal
reserve bank system is now 77.3 per
cent. New York Reserve Bank, SIG
ana Boston. SIS. are the strongest oil
the twelve regional institutions.
The cotton and AGRICULTURAL banks
have the low reserves, relatively.
Atlanta being low with Ais; Dallas.
42.3: Richmond. AS: Kansas City, So
and Minneapolis. 81 per cent.
Southeastern Express Dividend.
The board of directors of the
Southeastern Express Company at
meeting held in Atlanta declared a
dividend of 4.67 per cent on the
outstanding capital stock out of the
eight-month period from May i, 1921,
to December 81. 1921. This is at the
rate of per cent per annum Diyi-
dend is payable on Monday, January
2. 1922, to stockholders of record at
close of business on December 10,
! 1871. announcement was made that
the annual meeting Of the stockhold-
ers of the company will be held in
1929.