Evening star., 1921-12-19
LOCAL LIST FIRM,
WITH FAIR TRADING
January Disbursements May
Advance VaIues-Corpora-
tions Heavy.
BY I. A, FLEMING.


tinues to display a firm front, with
the chances favoring a steady. well
maintained range of prices until
after the January disbursements.
when they will more than likely give
the impetus needed to move values
into higher ranges.
No estimates have been made as
yet of January disbursements, but
the chances are that over s2,500,0o0
will be disbursed by local corpora
tions, to which Will be added liberal
payments to holders of outside Sc
curities.
There is not the slightest indica
tion of any strengthening of the
money market. and until there is in
vestments yielding per cent and
better will be desirable.
Washington Gas IS sold today at
104I2. Railway As were steady, at
65, at which price they give an IN
come of over 6 per cent. slightly
Chesapeake and Potomac Telephone
IS bought 80.
The per cent consolidated bonds
of the Potomac Electric Company
dropped back a point from the re-
cent high at 80 to SO. General mort
gage Is firm at 104A.
Stocks sales were very light. \
lt" OF
1888 to l2e12 and Lanston sold spar
ingly at 73.
A sale of Second National Bank
stock was reported at las.
Personal Mention.
The many friends of Z. J. Stell-
wagen, president of the Union Trust
Company, will be pleased to know
that Mr.. Stellwagen is improving with
each day. with excellent chances for
recovery.
W. w. spaid of w. B. Hibbs & Co.
has returned from a two-week visit
at Atlantic City.
The death of Callahan Keane. as
sistant treasurer of the Munsey Trust
Company. well and favorably known
in local banking circles, is announced.
Requires Collateral Security.
Banks intending to be of service to
the Treasury and the government
through pushing the sale of the new
saving certificates. will be required
to deposit acceptible collateral for tn,
amount they acquire and to max"
monthly returns of transactions.
Decreasing Dividends.
In the fiscal year ended June 30.
, 1911. the railroads of the country paid
dividends totaling s460,195.376, equiv
alent to SOB per cent on the stocks of
dividend paying roads and 5.42 pc.
4
railroads in the country.
The year 1911 marked the crest of
the railroads prosperity. and since
then the dividends have been decreas-
ing. with now and then a partial re
covery, until in the calendar year 1920
the stock of roads paying dividends
and but 3.72 per cent on the entire
stock of railroad companies.
These facts were brought out in the
hearing now pending before the COM
mission.
LOSSES on Liberty Bonds.
Some publications charge corpora
tions with accommodating liberty bonds
and victory notes at the lowest prices
from the general public and reaping
the benefit of the advance in values.
AS matter of fact there are but
few corporations that were able to
hold on to their liberty and victory
issues from the low point to the pres
ent time: indeed, it was the enormous
selling by corporations that caused
the slump to the low figureS-not III"
peddling of the relatively few mil
lions acquired by the individual pur-
chaSerS.
slump of business over a year ago
the corporations were forced to turn
ANYTHING and everything they could
into cash and liberty and victory is
sues were always liquid assets.
Probably larger percentage of the
! individual holders still have their
original purchases than corporations.
as there were few of the latter that
found sailing on the troubled business
seas of 1920. anything but unpieas-
ant and unprofitab BILE.
Income Taxes Smaller.
The general impression at this time
seems to favor the theory that income
taxes will show very large de-
crease for the calendar year 192l, Tor
the reason that business during the
greater part of the year has been
below the average.
Merchants have been pushing out
stocks that cost considerably more
than present day values and Will have
losses to take.