Evening star., 1921-03-17
GOOD |NQU|RY;FlR .
LOCAL SECURITIES
Bonds Are Favored by In
vestorS-ReServe Board
RevieW-Street Notes.
BY ]. 4. FLEMING.

Local securities have failed to re-
| fleet in any manner the weakness on
wall street, nor is there any good
| reason to anticipate any such action.
During the entire period of imitation
on Wall street the local market was
more or less in the quiescent state. uu-
certainty regarding local utilities and
! their ability TO weather the increased
cost of operation restricting opera
, tions.
With this problem out of the WAY,
public utility shares have made fairly
good recoveries and for some time
have been holding decidedly Arm.
TodayS transactions were near the
nigh prices of the last few days. VITA
no indication of selling pressure.
Washington Gas notes brought
1909. Capital Traction 5s were lit
/ tie firmer at s7h. Potomac Consoli-
dated IS brought S3L. Washington
Gas as 1SA and Railway As 5Sl2.
Bonds furnished the greater part of
| the business of the session.
Capital Traction shares steady at Sc
Washington Gas 43.
Continental Trust shares closed
around 101.
Look for Lower Rates.
Easier conditions in the money
market are in plain evidence and
have induced bankers TO anticipate
lower rates from the Richmond Fed
eral Reserve Bank.
For months the rates have been
held up. serving as check on the
industrial situation, but the feeling
! is that the need for the check. has
oeen removed and that there would
| be material betterment in business
! conditions if the rates were now low
| cred.
| On all sides the work of deflation
! mas proceeded. in some instances or
derly, in others hasty and with seri-
Gus results. but the lessons have been
learned and any aid to business re-
coyery would be gladly welcomed.
The government itself is borrowing
money at 5a per cent for one year
ana Ji4 for six months. Commercial
paper discount rates are per cen;
Bankers hold that 1t is time for a
change to help business, especially
! as imitation has ceased and many
frozen credits have been thawed out.
Dividend Declared.
The regular quarterly dividend on
the Continental Trust Company. Il,
per cent. will be payable March 81.
| TO shareholders of record March 81.
Business Unstable.
The Federal Reserve Bulletin for
| March quotes business and industry
| aS'fn "a transitional and unsta Bile cor
dition." The boards index number OF
wholesale prices shows further re
duction. Buying is still largely con-
! fined to immediate needs.
| Stocks of goods have been greatly
| reduced while "a large volume of po-
| tential buying is in sight, but it has
not become actual"
A net gain is shown in some I'M
portant manufacturing activities, not
| ably shoes and textiles. The en-
! ployment situation in these industries
is somewhat improved.
! steady increase in the ratio of
| reserve of the reserve banks has con-
| tinued throughout the month.
The valuation of building permits
| in the fifth district. during January
| decreased 45.4 per cent.
Retail trade in this diSffict shows
an increase of per cs6t, which is
something in the way Of encourage
ment.
Wall street Notes.
February gross earnings of the
Cities Service Company, $1,44z.S9s, a
decrease of $669.065 as compared
with the same month of 1920. For
twelve months ended with February
: the net earnings were $23.049.367. an
| increase of $3.373.sS4 as compared
with the previous twelve months.
| After paying preferred dividends
| there remained $16.3s2.372.
The Interstate Commerce CommiS-
! sion announces that il has certified
partial payments to railroads to the
amount of S40,779.990 to twenty-one
| roads.
1t is said that the Corn Products
Company will retire large block of
preferred stock.
I, Standard Oil of California, in 1920.
made net earnings of s41.655.e5i. after
! taxes. with an increase in profit and
loss surplus of s64.ls6,53s. After de-
ductions. depreciation depletion and
federal taxes. the net profits were
$41.655,254. or s41.92 a share on the
ca pital stock of the company.
Nearly $31. 100000 corporate bonds
mature in April. and over S9.000.n0O
public utility bonds, with over $1,000
900 industrial notes.
Money appears in large supply. TIE
heavy oversubs0iption to the Treas
ury certificates was followed by
per cent call money, and some loans
in the open market at 5h.
Ford expects to turn out $4,000 cars
this month and $4,000 next month.
Regular dividend on Crucible Steel
payable April Is.
Nearly 100000 gold is on its way
to this country.