Evening star., 1921-04-14
STRENGTH SHOWN
|NL0CAL SECURITIES
Bonds in Good Demand.
London to Test Our Money
Market.
By I. A. FLEMING.

There was a fair business transact
ed in local securities. and the show
of strength was above the average
That prices are so well maintained. in
view of the prevailing conditions on
| the New York exchange. and that divi-
dends are being maintained with such
! regularity. compared with the cutting
and passing of distributions by lead
ing industrial corporations. is a
source of satisfaction to officials and
members of the Washington Stock
| Exchange. and a compliment to the
active security list.
Lanston made a new high on this
movement when il advanced on light
| sales to 16is and 76k There seems
| 10 De some idea of an extra dividend
In stock. although stock dividends
nave not been especially popular of
| tate. and an extra in cash w ould prob
! ably be more welcome to sharehold-
| ers.
Capital Traction shares remain very
steady at IS and a fraction under
Most of the business of today's ses-
| sold at Tx and IS; the ~ per cent
| notes of the same company sold at
sized bonds.
Railway IS were strong at SO, and
the general 6s of the same company
sale was at 91X. The inactive list
showed firm tone as evidenced by
the bid and asked prices.
Will Offer Treasury Bills.
The British treasury will soon test
| the American money market with an
oHerlng OF treasury bills. The rate on
the bills has been reduced from 6H
10 per cent, this being cut from Z
per cent. which had been the current
M a.e .or nearly year. The bills are
| oHered nat, without interest and are
SOLD at discount, the profit to the in
vestor coming from this source.
| Ihey are payable to bearer and offer
an easy method for short term por-
! rowing.
| 1t has been suggested that tbi,
method of short term borrowing
| might be an Improvement on the
method adopted by the United States
IN issuance of Treasury certificates,
and the statement made that it was
at ieast worthy of consideration.
Quiet at the Banks.
Business around the banks is de-
cidedly slow. This is notl unusua
just before the government pay day.
and revival in interest is expected
tomorrow and Saturday.
| On the 18th Sis. 500 900 Treasury GER
larger part of this amount. II is posi-
Bile that some holders of the issue ac-
cepted prepayment as permitted by the
government some days ago.
Allotments will also be made soon
| after on the series H-1921 certificates,
Tor which the fifth regional district
mas an allotment of $5.190,000.
Gold Pouring In.
| The Olympic brought 81, 900, 900 gold,
| the Bankers Trust Company received
! 100000 from France. the Frederick
VIII brought 5.s41,000 gold kroner
and the National City Bank is bring
| ing S2,5OO,0O0 gold from Australia.
| Last year the federal reserve system
| lost SS3,sS1.000 gold in the months of
January, February and March, while
| this year the stock increased $780,
! 72S.000 for the first three months.
| The gold stock in the Treasury is
| now s2.264.010.000
! Europe is making strenuous efforts
to better their exchange position and
the yellow metal will flow this way
for some time.
Wall Street Notes.
During the last five years the In
ed $142.70 a share. The Wall Street
Journal calls this an international
achievement"
Sloss-Sheffield kept up the uneasi-
ness in the steel industry by de
ferring" the declaration of a divi-
n.
Eastman Kodak Company has de-
clared an extra 10 per cent dividend
on the common stock. payable June
l., and another extra on the common
OF per cent, payable July L. The
regular dividends of 2R on the COM
mon and 1k on the preferred are
also payable July L.
Comment on the reductions made
by the Steel Corporation on its prod
ucts is very generally favorably. as
4 a!N IN hnx toll ~ sotr
the market for products. 1t will aid
the railroads. and help building, once
the work of upbuilding starts again.
New Haven report for the year
The books showed profit and loss
debit of s31,S24, ,595. as compared with
S2,07S,352 credit balance at the
close of 1919. This great deficit was
the result of the years deficit plus
a s2S,935,656 loss on the sale of the
company reporte da loss of $137.S93
on fourth liberty loan bonds. 1t has
sS.000.00o cash and assets of $685.
S5O,035.
Detroit reports about 47.s per cent
normal activity. A total of 95.221
men are working as compared with
the usual force of 100000.
Erie paid 60 per cent of it's expenses
to labor in 1920. The net railway
operating deficit for the year was
s16s94179.
Phelps Dodge Corporation earned
s163 a share during 1920. After pay
ment of s4.500,000 in dividends the
big surplus of the company was re-
duced by the years deficit $3.166,SSS.
Increased cost in production and
sale produced a net decrease of S22.-
00O 900 in net earnings of General
Motors in 1920. despite $17,000,000
increase in gross sales.