Evening star., 1921-10-14
RAILWAY As ARE
.SOLDDOWN TO59172
Opening at so 1-2, Bonds
Yield to Pressure-Amerj-
can 7. and T. Earnings.
Y !. A. FLEMING.

BY L A. FLEMING.
There was considerable pressure on
Railway As on today's session OF the
local stock exchange. In all $4,000
face value of this issue were sold
from an opening at S0s down, by
fractions to 59is, a loss of a point
and the first evidences OF slackness
in the local bond market for some
tine
Potomac Consolidated SIS moved up
fraction and were decidedly arm
1T sS
Other local bond issues were, held
Er:::!S..
Capital Traction shares have furry
recovered their dividend. but on very
limited transactiona.
Lanston. too, was firm. selling -
73, but only few shares changed
hands.
Big Locomotive Order.
The Baldwin Locomotive Company
has booked an order for seventy-f ave
locomotives from Argentina.
This is encouraging. but what the
steel and equipment companies es-
pecially need are orders for large
and equipment from the American
railroads. without which improvement
in the basic staples, steel and iron.
will make but slow progress.
Personal Mention.
George A. Harris, treasurer and
director Of the Federal Land Loan
Bank fc: the district of Maryland.
Pennsylvania. Delaware, West Vir-
ginia and the District Of Columbia,
to assume the management of the
local branch Office of the Cleveland
Discount Company, large mortgage
and investment corporation.
Fund Allies Debt to Z. 8.
Secretary Mellon has decided 10
fund the debt of our foreign allies,
which for the first time will take the
form of a bonded indebtedness, run
ming for long term and yielding 5
opposed to the plan of Representa-
tive Frear of Wisconsin to appoint
commission to handle the foreign
debt, and he also announces the op-
position of the administration to any
such plan.
seaboard Air Line.
Information of conditions with the
Seaboard Air Line give encouragement
to the theory that there will not be a
receivership for that company. Earn
ings have been poor, and yet during the
month Of September there was large
increase. giving promise of better re-
ceipts from operations during the last
quarter of the year.
The consensus of opinion among usu-
ally well informed local people Ia that
the present break in the securities has
been the result of liquidation of very
iarge account that has been hanging
over the market for many weeks.
AtchisOn Earnings.
For the nine months of the calendar
year ended with September, the Atchi-.
son system earned a surplus. after
taxes and charges Of SAG. .7S7. 900, equal
to s7.65 a share on the capital stock,
S532,9SS.024, as compared with $39,15S.-
12l, or $S.S5 share on the $442. .l7S.000
stock outstanding two years ago. earn
lngs being for the period Of nine months.
American Tel and Tel
Reporting earnings of the American
Telephone and Telegraph Company for
the nine months ended with the close
of September, the company shows net
S53. .309, ,517.1S. deduct charges for In
;erest, gives balance Of 9.15S. 7214l.
from which s26.527,290 dividends were
paid, leaving a balance after all charges.
taxes, dividends etc. of sI2.631,430.7S.
as compared with a balance of $i0,291,-
1880 the corresponding nine months OF
last year.
H. B. Thayer, president Of the COM
pdnS, mas lnlS 10 say OIL tne OUTLOOK,
etc:
THE business of the Bell system az
d whole continues to show a healthy
growth in spite of the fact that busi-
ness in general has been comparative
ly quiet. There has been no abate-'
ment in the receipt of requests for
telephone service, and notwithstand-'
ing the installation of new telephones
at more than the normal rate. un-
filled applications for service are still.
largely in excess of the normal
amount. The net earnings Of the Bell
system show substantial improvement
over last year.
THE company on May 10, 1921, Of
fered to its stockholders of record on
May 20, 1921, shares Of new stock for,
cash at par. Subscriptions amounting
to = $s3.775,000 were received under
this offer, thus putting the company
in funds for profitable investment in
extensions to the business.
1T will be noted from the statement
above that the earnings OF the Ameri-.
can Telephone and Telegraph Com
pany, which do not include the COM
pany's interest in the undivided earn
ings of the associated companies.
show an increase for nine months or
this year over the same months last.
year of s1,60o,000 in the amount avail,
able for dividends. approximately
100000 more have been disbursed
in divide nds through the increased
dividend rate and upon the larger cap
ital, leaving undivided earnings for
the period OF more than $40, ,000, ,000'' 9,