Evening star., 1921-04-27
local SECURITIES
! SLOW, But STEADY
Columbia Graphophone News.
New Low on Liberty 3 LIS.
Big Bond Issue.
BY I. A, FLEMING.

he attenndnte OF H1tWptTS pI w.
days session of the local exchange
was light. and much of the time usu-
ally given over to trading was used
in discussion of the dinner given last
night by the District Bankers ASso-
citation.
Members gave cordial approval to
the appeal of Arthur Reynolds. one
of the speakers of the evening. for
the protection of the federal reserve
act from amendments-"cven though
suggested by it's best friends.
The making of quotations continued
as usual but the volume of trading
was greatly restricted. Prices on the
sales made indicated no lack OF
strength.
Capital Traction 5s were a little
frmer at SSii with the Z per cent
notes of the Washington Gas Company
selling at 10l.
Railway preferred and the price was
g..
VIII Rest Il Few Days.
II. y Harper, president OF the Dis
trict National Bank. will go to At
lantic City this afternoon and Will not
return until Saturday. this evidently
being one of his longest vacations.
With the close of the District Bank
ers' Association convention at White
sulphur in June. Mr.. Harper will re-
tire from active leadership in all
functions of a civic association or
society character.
He feels that he has rendered his
full mead of service. civic and other
wise. an dwhila he has no notion of
LAYING aside the cares of business or
of being other than "a good citizen.
vet he will hereafter be follower
and not leader.
With the close of the bankers con-
vention he will retire from the preSi-
served in various ca apariiies for some
years. Close attention to every de-
tail of every function committed to
his charge has forced added work on
Mr. Harper and he feels that he has
earned a rest in this respect. at least
Columbia Graphophone.
Ed E Wolfe preside7t q the First
Bridgeport National Bank of Bridge
port. Conn., was d guest Al the Bank
ers Association dinner last night.
Asked as to conditions in the fac
tory of the Columbia Graphophone
Company. he answered.:
The are working at about 80 per
cent capacity now and tho efficiency
of the employees iS about so per cent
greater than a few years ago.
Talk Independent Merge.
There is more or 'ess talk on Wall
street these days Of a merger of the
independent steel compa nieS as meas
bfS Oh economy llttOfIt 10 compete WI
the low production costs OF the United
States Steel Corporation. Five or six
of the leading Independents are named
as likely to get together under the
leadership of Bethlehem Steel.
1t has been estimated that such a
combination would reduce overhead
costs very materially. and successful
corporations are cutting overhead costs
to the bone these days.
New Low on Liberty 3I2x.
Tax free 3i1s Of the first liberty loan
made a new low in the market yes
terday when they sold down 10 SS.Se
at which price they will yield about
4.S6 per cent
There is small question but the
campaign against tax-f-ee securities
and the needs of the government in
the matter OF revenue are p:trtial lly
responsible for ;he weakness; The
feeling is more or less general that
when the lawma Ee-s reach a solution
Of the taxing problems there viii be
ar end "a rax-frse issues
One solution offered is that t,ere is
? switching of investments from the
3ies TO the farm loan SIS. which have
also tax-ex-mDtion features ami also
the backing OF the government.
Big Joint Bond Issue.
Practically every bond house in the
country will be booking orders to-
morrow morning for the Northern
Fzclnc ana treat Northern joint 81.
per cent collateral refunding bonds
which have bean issued under au-
thcriry Of the interstate Commerce
Commission 70 refund the old-time
C.. z & Q. joint IS
. The new bonds. which will be. Of
fered at ss- and which have sold.
when issued. at -. ara assured A
high standing in bond circles Fifty
investment bankers partic' pate in the
syndicate handling the bonds.
II is expected that some place
around $50. 900. 900 Of the joint As of
the e, g. < O. system will be exchar ged
direct for the new els so that the
total Offering s2306Q0. .o0o. will be re
duced by that amount.
The new bonds VIII b" secured by
tire Burlington collateral that pro-
tected the joint As. plus So 600 900
of the bonds of each OF the issuing
. companies