Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-03-21
LOCAL BONDS ARE
IN GOOD DEMAND
Buying of Utility Issues the
Feature-Gas Shares
Higher-Notes.
by ]. A. FLEMING.

Business on the local stock cN-
chanse today was decidedly active,
running more to investments in bonds
than to stock transactions Prices
were generally strong with no dis
position to make concessions to in
duce sales
April disbursements Will be ex-
ceedinSly large, including as they
VIII the dividends on the Capital
traction Company, Norfolk and Wash
inSton Steamboat Company, many Of
the leading banks. including the
seml-annual dividends of the Riggs
and metropolitan national b~II;e.
which will call $4,000 and $4,000
respectively, with quarterly dIstribtI-
ton or the American Security aud
Trust Company, $iG:.V0p. and large
disbursements on account of corpnr-
ate interests and dividends general
ly. over a million viii! bo pash t.
investors in interest and dividends
While local securities are muril
better than at the opening OF the ye;.,
the returns based on going market
values are inviting To investors.
with more confident feeling as &"
the future of Washington sllarcs and
bonds. especially utility securities.
a total of $4,000 beads, face valu".
changed hands today. Railway Il
were firm at 6S24. Potomac ConSuli-
dated IS eased after the opening IT,
81 81, but closed firm at 9214 t.: the Geh-
eral 6s of the same company wcrr
wanted at $3.50.
Lanston. the active leader of yester-
days market, was very quiet. but held
strongly. S0l@ bid and 81 asked o."
sale al S0l..
Washington Gas shares advance
to 81.
Capital Traction steady at 95
Continental Trust shares brought 90
to sou.
Calls for 100000. 900.
Secretary Mellon this morning called
upon banks holding proceeds arts
ing from the February / sale Of
Treasury certificates to pay into their
respective reserve banks so per cent
of the balance of such fund, amount
ing to S100.330.000.
An Extra Dividend Ordered.
Directors of the Mechanics Savings
Bank have ordered the regular quar-
terly dividend of per cent. plus an
extra distribution of ! per cent. pay
able to shareholders of record March
81.
Scissors Bonds offered.
Crane, Paris & Co. are Offering
s6,ooo.o00 City of Scissors per cent
gold bonds. due November IA. 1895.
free of all French taxes. registered as
to principal. proceeds to he used for
the rehabilitation Of the famous
French city. There have been al
located and pledged for service and
payment of this loan obligations OF
the French government averaging
over SS.000,0o0. Price to yield 7.65
per cent.
Large Earnings of Gas Companies
For the month of February, the
shortest in the year, the Washington
Gas Company reported net corporate
earnings of s129,467.93. the largest IN
! the history of the corporation.
| For the same month in 1921. the net
! was Sl03,622
| The Georgetown Gas Company
| closed February of this year with =
! net gain of s60S6, as compared with
| S2.4949O. for the corresponding month
4 of last year.
| Increased profits Were the result Of
| decreased operating costs rather than
| increased sales.
| Ready to Redeem Certificates.
Secretary Mellon announces that he
has authorized federal reserve banks
| to redeem in cash, at the holders OPP
ton and at par and accrued interest
| to the date of payment. Treasury
1 certificates of Indebtedness. series c
| 1922. maturing April !. 1922
| Title Companies Merge.
| Directors of the District. Lawyers
| and Washington title companies have
/ approved merger of the three. with
| combined capital of $4,000. y
new building Will be erected to house
i the corporation a 1413 l street north
f., west
Dip Into Surplus.
The annual report of the United
! States Steel Corporation for the year
| 1921 will show a dip into the heavy
, surplus of the corporation to the
| tune of not for from s14.6oo,00o, To
, pay dividends.
Bethlehem Steel.
Bethlehem Steel for the year 1877
showed net earnings after charges and
federal taxes of $lO,332,S 04, equivalent
| to Sl15O a share on the common stock
The company showed SS1.4I>.i%"
| working capital and S5i,SS1,22l cash
/ and securities.
Brooklyn Union Asks Mandate
The Brooklyn Union Gas Company has
asked the Supreme Court or the United
! States to issue at once its mandate in
the company's case against the S0-ceIt
gas law of New York, which the court
recently held to be unconstitutional. The
!plaintiff states that S27l,4ll has been
/ impounded, in accordance with previous
court rulings.
! Unless the state asks a rehearinS.
Chief Justice Taft says. the mandate
will be issued next Monday. Petition
for a rehearing must reach The court De-