Evening star., 1921-07-28
ANTICIPATE NOTES
WITH SEPTEMBER
Investors Placing Orders
] sNow-Much Reinvesting in
Certificates.
BY 1. A. FLEMING.

Bankers report tho PLACING VI
large amount of orders In the aggre-
gate for an expected issue of Treasury
notes, which will probably be an
nounced not later than September i.
The limit on manS~of these orders as
to rate of interest, is 5h per cent
and the action of the Treasury with
regard to the year .rnaturities OF the
August l issues would seem to insure
at least as good a rate as Sh per cent.
Local institutions also note a DIS
position on the part of investors who
are now largely interested In treasury
certificates to -e!nvest following the
maturity of their certificates. !
One bank placed an order JOE
81 900, 900 as a reinvestment of an ass
sociation having like amount OF cer-
tificates maturing with August 16.
There seems to be some misunder-
standing on the short term certificates
to be issued August l, six months ana
six and one-half months having been
given as their term of maturity the
certificates will mature in seven and
one-half months. or on March Is, 1872.
Federal financing through note and
certificate sale in the future Will de-
pend very largely on the action OF
Congress in connection with the aid
dent.
The capital OF the War Finance
Corporation. $5o0ooo.ooo, has been
fully issued and is inv the hands OF
poration has a credit with the Treas
ury of $403, I'll, and has loans out
standing Of $s9.s03.s3s.
Railroad Earnings.
June earnings of the New York
Central are decidedly encouraging.
showing net operating income Of
$5,674,643. az compared with a deficit
9s 1sss. ss''ss'''S for the month OF June
For the six months ended with
June the company showed a net op-
Grating incomelof $17.2O4, 164. as COM
pared with a deficit of ss.s26.73s in
1920.
Baltimore and Ohio for June
showed a net operating revenue from
operations of $1.32S,318.44, as COM
pared with $783.402.25 last year. The
net operating income for the month
deficit of $5S7,34s.s2 a year ago. In
cluded in the June figures Is a settle-
ment with the government of $402.33S
net debit to revenues. and $91s.65s In
net charges to operating expenses.
Anticipated lapovers from the guaranty
period. reducing the net earnings. by
this amount. to the figures given.
Dividend Announcements.
b. F. Goodrich Company has declared
regular dividend on preferred shares.
payable September q.
Pressed Steel Car Company passed
the quarterly dividend on its common
stock and declared the preferred. Di-
rectors stated that passing Of dividend
on common stock was due to business
conditions and uncertainty as to future.
American Brass Company reduced its
regular quarterly dividend from 3 to 2
per cent.
Regular 2k per cent dividend on Della
ware and Hudson stock.
Pennsylvania declared the regular
hfty-cents-a-share dividend. payable
August 81, to shareholders Of record
August 1.
The regular dividend of per cent
was declared on American Tobacco
common to shareholders of record Au-
gust 10.
Personal Mention.
E. E. Herrill. vice president of the
Merchants Bank. Is at Atlantic City.
John B. Larner, president of the
Washington Loan and Trust Com
pany. has returned to the city for a
few days-to test the weather.
Squirt in Local Bonds.
There was something of a squirt in
local securities today. after weeks Of
dullness. Trading was chiefly in
bonds. the total sales being $500
Capital Traction 5s brought S6, Po-
tomac Electric debenture IS, 95, and
Metropolitan 5s, 92. Washington
Gas ~ per cent notes brought
i02h. These prices were generally
slightly lower than recent quota
tions.
The stock list was still very slow.
Capital Traction was soft, with a de-
cline to SIN, and few shares of
Mergenthaler brought 1883. Other
a tct
Money Down to 1-2 Per Cent.
Shortly after o'clock this after
noon Potter Brothers local repre-
sentative reported call money in New
York city down to az per cent. a new
low record since 1913. perhaps lower
than 1t was then.