Evening star., 1921-04-20
LOCAL SECURITIES
ARE SLOW, BUT FIRM
Scale Bids for Certificates.
Would Bar Tax-Free
IsSues-Notes.
BY I. A. Fleming.


ana without important changes in
prices. Trading was confined large
iy to the public security shares to
the entire neglect of the typesetters,
which have furnished more or less of
the business of late.
Railway per cent bonds were
strong at 59a4 to so, while gas ~.
per cent notes showed better de-
mand and firmer tone Light sales
were made at 1908 and 101.
Railway preferred was not men,
toned in me trading. Small sales
of Capital Traction were recorded at
S1%a.
Washington Gas opened at 43, and
being reported.
Federal National Bank shares sold
at IFS.
Directors of the National Savings
and Trust Company have declared the
regular quarterly dividend of 21s per
cent, payable May l, books being
closed from April 30 to May l.
Personal Mention.
L. j. McQuade attended the regular
monthly meeting of the Mergenthaler
directors at New York yesterday. He
reports business as encouraging.
James A. Cahill. vice president of
the Commercial National Bank. has
been confined to his room with illness
for over a week.
A special report by a committee of
the New York legislature went on
record as follows.
We are of the opinion that steps
should be taken as soon as practicable
TO abolish all income tax exemptions
for future issues and to secure an
agreement with the federal govern
ment with regard to future issues of
federal bonds"
The full report was a complete in
dorsement of the McFadden resolu
tion now before Congress. The ad
according to the committee. is offset
by the loss of revenue. state and ma
tional. due to exemption.
Announcement was made by Secre-
tary Mellon that bids to the April Is
issue of certificates would be scaled
about % per cent.
Wall street Notes.
Pullman directors declared the
regular quarterly dividend at their
meeting yesterday.
Tobacco Products shareholders vot-
ed an increase of $5,000.0o0 in the
compahy's common stock. to $25,000.-
000
Regular dividend declared on Pa
cific Gas and Electric shares.
Delaware and Hudson made one of
the best reports of any of the rail-
roads, S11.61 share net after taxes.
s3s4,s1o Both the gross earnings
and expenses increased over 10000
900.
Youngstown steel operations have
increased per cent
The Federal Reserve Bank of Dali
las is the only one Of the regional
banks that has borrowed from re-
gional banks, it being obligated to
the Cleveland Bank for $12.405,000.
a year ago it owed about the same
amount to the same bank
Bank c1earances of the principal
cities are still showing decreases,
each of the six largest cities report
ing losses yesterday.
Canadian Pacific dividend is said
to be practically assured.
Discriminating investors. who have
been making their selections from
preferred stocks with good earning
power and ample surpluses that
might be used to protect the pre-
with some disappointment the rapid
diminishing Of surpluses.
Great interest attaches to the re-
funding plans for the c., B. & Q joint
IS. under which collateral 612s would
be issued. The 1. c: C. has the case
charges to Northern Pacific and
Great Northern. if the plan is ap-
proved. will be $3.170,46o.
National bank resources showeds
airy, compared with December, a re-
duction of $1.554,ss9,000 as compared
with February of last year, according
to a statement issued last night by
Controller Of the Currency Crissin-
ger summarizing the reports OF the
banks to the last call for conditions
on February 81
National banks in New York report
ed the greatest reduction in resources
in February. amounting to s455,S79,-
u-h no in CIovela n
was s153.296.00n. The reduction in
Philadelphia was $42. .6S7 .0a0: st. Louis.
s35.411 900; Boston, s35,30S,000, and
San Francisco, $3l.7S5.
Loans and discounts were reported at
sll. $50 s37 900. a reduction since De-
cember of s4l4.45s.00o and reduction
since February OF last year of S313,6 ,6sS,-
600. Holdings of national banks in gov
ernment securities amounted to S2.041.-
$4,000, a decline since the December
call of ss4. .339 900 and a reduction since
the February. 1920. call of SHE
100, 600. The total cash in vaults
was reduced between the dates Of the
last two calls to the amount of $685.
se1 900. but the amount held February.
1921. was l.022. 900 in excess of the
amount reported February, 1920
Total deposits of the banks were s15,-
41s.3J4 900. which was SI99. 400. 900 less
than the amount reported in December
and a reduction since a year ago Of
14ss. 1sS, ,oon Liability Of national
banks on account OF bills payable and
rediscounts was ST. s25 529. 900. reduc-
ton since December of SAT-. 900 and
a reduction since February, 1920. of
Sl39. .o61 900.
Call About Due.
The las, call by the former con-
troller OF the currency was made
February 81. II il is the intention of
the present controller 10 make six
calls year, as his predecessor did,
then a call is about due.
The chances are that he will resume
the regular Ave calls year. as pro-
yided by law. also that he will elimi-
nate two score or more questions from
the forms to be prepared by the
banks
Cities Service Company.
The combined earnings statement
of cities Service Company and its
subsidiaries for 1920 shows gross
earnings of s1Is.259.499. compared
with S9l39s.94S the preceding year.
Net earnings after providing for all
expenses taxes. interest charges and
preferred dividends totaled sls.059, ,O40
against sI3.6Ie.3O5 for 1919.
Gross earnings of Cities Service
COMPANY were s24.s9s.03s, compared
with s19.9I7.55O for 1919. Net stock.
after payment of expenses. taxes and
interest charges. S22.055 93S.
against s1I.350.s .s54 the preceding year
while earnings applicable to common
stock and reserves We're s11.3i0.463.
compared with s13.l35590 for 1919.
The amount earned on each share of
compared with $1,000 in 1919.
Earnings on the total capital and
surplus of Cities Service Company
and subsidiaries in 1920 was 9I2 per