Evening star., 1921-06-10
GRAPHOPHONE CO.
SHOWS A DEFICIT
Operations First Three
! Months of 1921 Result in
S656,696 Shortage.
BY /. A. FLEMING.


pany has made public a statement Of
hts operations for the first three:
months of the year, but there is small
encouragement therein for the share
holders.
Gross earnings for the three months
were $4S,793. Interest charges and
discounts were $395,571, leaving a loss
AFT $346,77S. To this must be added
Sl02.955 depreciation and other
charges and s202, 962 for taxes. which
brings the deficit for the three months
70 s65S,696.
y year ago the same months pro-
duced gross earnings of $3.473.174.
srom which there were no deductions
aor interest and discount.
depreciation charges for the first
hhree months of 1920 were $122,05S
and the taxes called for $1,564 $50.
leaving an income of $1,7S6.736, as
compared with the 1921 deficit for
the three months of s652,696.
1t is the sum total of the differ
ence between prosperity and depres-
Sion.
Local Securities.
Potomac General 6s were strong to-
day at %. Metropolitan SIS sold at
s3 and Railway general 6s at 921a
Lanston sold at 5I.. while Capital
Traction was a little firmer at SIS
y sale of Security Savings and
Commercial bank stock was made at
2o5.
Dividend Declared.
At a regular meeting of the di-
TeCtorS of the Security Savings and
Commercial Rank the usual quarter
1y dividend, ) per cent, was declared,
payable June 80 to stockholders of
record June %.
]. Floyd Cissel, chairman of the
committee on hotels and tranSporta-
tion for the bankers convention, an
nounceS that reservations may be
made for the White sulphur train
and hotel up to the departure of the
train over the Chesapeake and Ohio
railroad. at IL o'clock Saturday
morning.
Southern Railway Defers Action.
Holders of the preferred shares of
fhe Southern Railway Company were
keenly disappointed by the directors
action yesterday in failing to make
the preferred dividend declaration.
Last year the 212 per cent semi-an-
nual dividend was declared at the
Dune meeting of the board.
1t was stated that the failure to act
yesterday did not mean that the di-
JectorS might not take action later
on. But the street has come to the
conclusion when action is deferred
these days in the matter of dividends.
that it is next door to a passed divi-
liend
Southern railway showed good earn
Sngs in April and it is possible that
the policy announced by some direc-
tories of keeping strong in cash pend
ing tho completion of the road-adjust-
Ir1ent now gradually being worked out
has been adopted.
New York City Bond Issue.
Offering of per cent serial gold
bonds by the state of New York, bear
ing per cent interest. to the amount
of s41, 100000. resulted in the sale OF
s31 ,o00, 900 to syndicate headed by
the National City Bank
The price paid-101.212-is excellent
for these times. Most of the bids
made were at par. 10000 to 100 so, and
around these figures.
That the purchasing syndicate was
willing to pay 101.212 is an evidence
that existing business conditions are
not due TO any large extent to money
conditions.
Moreover. the success of the f1ota-
fion evidences the value the three
year notes just being marketed by
the Treasury of the United States.
bearing interest at the rate Of 5a
per cent.
1t is a fact that the supply of
money. despite the constant drain on
the surplus the government needs. is
large. and it is also true that very
large percentage of investors is out
of the security market, to stay out
until the present uncertainty has been
Gispelled.
This contingent has money for the
highest grade governments, state and
municipal issues, partially. perhaps,
because they are in a measure tax
free. but with safety as the first con-
sideration.
The city of Detroit asked bids for
ke.0OO.oo0 city public utility bonds.
Syndicates represented by the Ma
tional City Company. Guaranty Trust
Company and Harris. Forbes & Co.,
bid for the issue. but, as their bids
provided for cancellation within six
ty days at the bidders option, they
uere re elected