Evening star., 1921-09-14
GASBONDS FIRM;
STOCKS ARE SLOW
ny L A. FLEMING.

= =
NJ L A. FLEMING.
Capital Traction sold at SO cast
and s7h ex-dividend today. indicat.
ing q decidedly Arm tone. Part OF
near future.
Union Trust shares featured the
stock list business. quite a. few
transactions being made at 121N.
Washington Gas 6s crossed to new
high on this movement. when they
sold at 80 today. Railway II were
strong at 61h. q.
Joins stock Exchange. :
John w. Brawner was today elected
q member OF the Washington Stock
Exchange.
Owns High.Grade Trusts. 2;
The government owns Sl34.63s.0 900
car trusts of credit standing compa-
raple with the trusts recentlyrsold to
Kuhn. Loeb & Co. In all 1t owns
$310.000.000 of trusts for equipments
by some Of the very strongest roads
in the country. including Atchison
Burlington. Northwestern, Pennsyl-
vania, Delaware AID Hudson. Mich
igan Central. New York Central
Norfolk and Western, Southern "a
cific and other good roads. :.
1t Is probable that all or part OF
these trusts will be marketed soon.
Columbia GraDhoDhsae.
Today's Wall Street journal con.
tains the following: >.
Rapid advance in Columbia GRAPHIC
phone stocks is attributed to improve
ment in the general situation In at.
fairs of the company as well as
brighter aspect to outlook for the
coming seasons business Since
|Thursday, September 8, the preferred
stock advanced from 12N to 22A,
while the common moved from 3M
to 5N. Low price for the year for
Graphophone preferred was sA and
low for the common ~. =
During the first eight months Of the
current year business> Of the COM
pany was so per cent above that of
the same period Of 1920. Business
for the closing three months Of 1919
was 20 per cent ahead of that Of the
last quarter of 1918. Early in 1920
the company faced q very dificult
shipping situation. when the railroad
strike was in effect-This was fol:
lowed by the outlaw strike in April
of that year.
Columbia Gfaphophone does not
tom is to order from seven to nine
months supply in advance. At the
company. in expectation Of fall busi-
ness SO per cent to IS per cent above
that Of the previous fall season. or
dered heavily in cabinets and raw
materials for motors. AS was true In
all lines Of industry. holiday business
was FAR short Of expectations. The
company. through its twenty-five
branches. jobs It's own products. =,
$4,000 cash on hand. which Will
be materially increased by the first
quarter Of the coming year. One f.
vorable development which will nc
doubt go far toward liquidation OF
stocks carried by the company is the
Improvement in the southern situa-
tion will place the southern agencies
! In a good position, as the south is
one OF the best fields for marketins
the company's products.
since the stock is widely distrib-
uted, there Is reason to believe that
inside interests have been buying the
stock, in view OF the improved situa.
tiOn and better position Of the COM
pany with respect to the banks. Notes
outstanding amount to $13.6O0.0e0. II
Is understood that the banks will see
the company through the fall season
and offer every assistance in settle
ment of its financial problems"
This statement is unQnestionably
very encouraging, much more SO than
any Information received by Wash
ington. and a director of the corpora
tion resides here.
Washington has been informed that
the banks have agreed to "see the
company through the fall season." and
that there was some improvement in
sales" but no information of the
wonderful Improvement in the last
FIVE months has been given circula-
ton in this city.
In the first three months Of this
year, the same authority some months
ago gave the net result as a loss of
sohfe $625.0OO. SO that this big loss
must have been overcome and an ex-
ceilent business recorded in the last
nve months. No report for the Sec
ond quarter has been made public.
None Is available here. -
washington fs a very large holder
OF Columbia Gfaphophone stock. ac.
Quired at very much higher than prese
ent levels. and the local shareholders
are entitled to some consideration in
the matter OF f1rst-hand Information.
Where Are the Certiacatess
Benjamin NJ. Anderson, jr., Phi. D..
economist of the Chase National Bank,
West Virginia Bankers' Association
this afternoon. discussed at some
length the question of Right Prices.
and followed with an appeal for the
refunding of the Treasury certifi.
Gates"
Prof. Anderson holds that these Ger.
tihcates "are lar gely held by business
corporations with temporarily idle
funds" and points out that this situa-
ton rs an obstacle to business re-
'vival, since with any increased ac-
tivity these corporations would quick.
~ throw the Treasury certificates
back on the banks. Tightening the
money market and interfering with the
ipcipient upward movement in bust.
ness"
/ Bankers contend that very few bust.
ness corporations are strong enough
70 have idle funds seeking temporary
employment; they hold/that while this
was true year or more ago, that
while corporations invested in mill
lions OF certificates and liberty bonds.
that day has passed. = :,
Business corporations have, in their
opinion. generally realized on both in-
vestments. OF course, the United
States Steel Corporation is an. ex-
ception.
Insurance corporations may be
heavy holders Of certificates, some
banks carry part of their secondary
reserves in these securities and many
corporations conducted not AZ busl-
ness. but Tor research and scientific
purposes, hospitals. art associationS
etc, are admittedly heavy BUYERS
Moreover. the public has also acQuir-
ed millions as Investments in times 81
stress and inaction elsewhere.
There is small question about the
need OF refunding the certificates
putting his urge into effect with
short-term notes.. with recommends
tions for longer-time bond issues u
take the place ct the $4,000. .000, 600 odd