Evening star. [volume] (Washington, D.C.) 1854-1972, 1921-11-21
LOCAL SECURITIES
QUIET But Strong
Good Demand for Bonds.
How American Investments
Stabilized the Pound.
BY i. A. FLEMING.


On today's session OF the local stock
exchange. trading was again greatly
restricted with prices strong. but
without any transactions in bonds.
Thus for nearly four days, business
days. bonds have been neglected on
the local exchange, the while higher
figures have been established on most
issues on Wall street. and, what seems
to be more important, there has been
an excellent demand for the various
issues over the counters of the bond
houses. This demand is for local pub
lie utility bonds, both for the issues
that have made good gains to date
and for some that have been little
slow In advancing.
The bid prices and the asked prices
hold we'll. Indeed. tho temper OF the
market Is strong.
Sales were reported at 61h for Rail-
way preferred, 4S for Washington
Gas and 133 for Mergenthaler. the
The continued strength OF Mergen-
thaler IL q matter Of congratulation
Of shareholders. Washington holds
over one-fourth Of the total shares OF
the Mergenthaler Linotype Company:
It Is close to a per cent investment
at the market, Is earning over IL per
cent. and has no funded debt
Money was offered on the local mar
ket at per cent with per cent bid.
Continental Trust shares sold at %.
Some changes were made In the asked
prices OF other bank shares.
e. j. McQuade VIII Lecture.
z. ]. McQuade, cashier and vice
president OF the Liberty National
Bank, will lecture tomorrow evening
before the elementary class OF the
Washington Chapter, A. ]. b.
His subject will be "Promissory
Notes and Discounts, Collateral and
Mortgage Loans"
Walter r. Albertson Dead.
trict bank examiner and we'll known
in local banking circles. died in New
York on Friday and was buried yes.
terday. Several local banks sent f1oW-
ers.
Work Of Dollar Comnissisn.
The American dollar commission
organized by the British government
at the outbreak Of the war to stabilize
tho pound sterling and to assist the
government. through the purchase
and borrowing OF American securi-
ties In exchange for British treasury
bills from their British holders. with
| the privilege Of selling under certain
conditions, acquired during its life
time Ss4%,s1l.s41 OF American stocks.
Twelve securities acquired were OF
railroads.
Steel common furnished sl1.1s4.seo
and the preferred &15.s7o.so0-bought
! or borrowed.
Most Of the large acquisition was
borrowed" but Wall street under
stands that the great bulk OF the Sc
curities were sold there.
Canadian Pacific was the mainstay
of the movement to help the pound.
$685., 100000 being bought or Dor
rowed. Union Pacific furnished $27.-
$3.50 OF the big pool, Great North
| ern, S33.i7<.33t: Northern Pacific. S34.-
54S, 900; Pennsylvania, S53,2o1,644, and
Atchison over $32,0o0.000.
The bond investments OF our Brit
fish cousins, bought or borrowed. con-
sisted OF the highest grade Of rail
issues. q special high-g grade invest
ment selection. plus $35.600,000 Unit
cd States Steel bonds.
Securities were accepted for two
years, interest and dividends received
being paid to the depositor plus ad-
II was fortunate for Great Britain
that her d1tisens were 50 largely in
terested In American Investments. In
the event Of q sale Of depositorr -.
| curitiss they were guaranteed ~
per cent better than the closing price
| In New York on tho day Of the sale.
Total securities purchased, $s2l,-
S32,705. Seventy-one Per cent were
purchased and sold on tho New York
exchange.