Evening star., 1921-10-28
STRONG TONE IN
LOCAL SECURITIES
All Bonds Are Firm-The
Week in Merchandising.
Certificates All Sold.
BY I. 4, FLEMING.

Prices on all public utility bond
issues were decidedly strong on To-
days session of the local stock eN-
change, although there were no ao-
yances worthy of special mention.
The new Potomac Electric general
refunding IS brought 100 and closed
with 9s%, freely bid. The consolidated
SIS of the same corporation were
strong at s6i..
Capital Traction bonds were yer!
firm at Ssl.. Washington Gas os
brought So.
Stock transactions were light. only
a few sales being made, ~ :" Ior
ton Gas. for Columbia Title insur-
ance and IS for Capital Traction
shares.
The trend of prices for local
securities generally is To hisher
range of values.
Credit Clearing HOuse.
For the week ending today the
Credit Clearing House reports pur-
chases by merchants as slightly less
than last week as they have meaSur-
ably filled their fall wants; but active
buyinE by the general pubic, VINO
feel the approach of winter and are
laying in supplies.
There is some increase IN lndehteu-
mess. due to heavier buying hy ner-
chants who have not had an opporto-
nity to resell the stock.
Ruying is larger in the racine
coast section of the country. ana III
the central agricultural section. eu'
has fallen off in the southern aSr-
cultural section.
Payments have materiaIlS M M
creased. II PEI cent, in the northern
agricultural section.
Chesapeake and Potomac.
The monthly report of the CheSa :
pcake and Potomac Telephone Com
pany for September shows totai
operating income of s3?.s59. rms
amount is $l.555 below the require
ments of the per cent DIVIDEND on
the stock.
Oversubxcribed Mt Low Rate.
The Richmond Federal Reserve
T;slnk notified member banks In thls
CIV that the allotment of Treasury
certificates bearing 4Ia and IA per
cent interest announced yesterday.
bad been disposed of by l" o CLOCK
in the morning.
So far banks have not received
the usual number OF orders from
public buyers. although some fairly
large-Sized orders have been placed.
Belief is general that investors who
have favored Treasury certincates
,or some months will be driven ny
tSr low rates into the bond market
md 10 seek Investments else where.
Nevertheless banking opinion holds
that the latest issue OF certlncateS
viii join the higher rate issues in
crossing par and fraction better
before long.
on to Bankers Meeting.
The bankers special train from
New York and oihrr eastern points
Washington
evening en- route to New Orleans.
where the Investment Bankers As
sociation will hold its annual con-
vention next week. All the leading
Investment houses in the country
will be represented.
Eugene f. Thompson Of Crane.
Paris < Co. will join the New York
party here.
Two special trains are New Orleans
hound from Chicago. The Chicago
delegation is considered OF sufficient i'm
nortance for the Chicago Tribune TO
publish a special edition in Birmingham.
Ata.. tomorrow morning. for distribution
as the specials pass through that city.
Personal Mention.
G.. B. Chapman local branch manager
for Hartman & Co.. New York bankers
and brokers. returned this morning
from New York. He finds sentiment
there favorable to better prices for Sc
curities and hopeful regarding the Dusi-
ness outlook.
Mr.. Chapman does not believe the po-
sition of the railroads of the country
has been helped by the settlement of
the strike. holding that radical reduc-
,iops in wages and rates have been
Board in agreeing to postpone con-
sideration of further demands for wage
reductions until after working rules
and conditions have been settled