Evening star., 1922-07-25
BIG men PREDICT ]
GOOD TIMES AHEAD
Leading Economists HoIt
Quick Recovery After
Strike Settlement.
BY 1. A. FLEMING.

Speaking OF business conditionf
george E. Roberts, formerly directo
OF the mint. now economist of tn
National City Bank, says:
While positively excepting the COT
dltions brought about by the coal AMI
rail strikes, which are a real menac(
and have already had deterring ef
feet which must be felt even after
settlement has been reached, the bust
ness outlook for the immediate fu
ture is of the most encouraging kind
we cannot minimize the man,&
problems that confront the world
both at home and abroad. never the
less, the reports of business for manJ
aging kind. World trade has shown
signs OF Improvement and unemploy-
ment is diminishing"
FRANCIS III. Sisson of the Guaranty
Trust Company of New York said
more confident feeling governs|
business everywhere and the country|
AT large is looking forward to nearly
normal conditions"
bankers are in sound positions andj
ready TO care for the betterme ntl
when 1t comes. Expanding needsy
may be undertaken with assurance oil
CalI money closed yesterday at, 3a
per cent. Time money, four to six
months. Az per cent
Inc coal strike. one OF the periodi-
cal interruptions that may almost bel
counted on s possibility of each
succeeding year is certainly helpingI
the shipping business, long reported
dormant, so far as American bottoms
are concerned.
Eleven and twelve shillings are bid
for American charters where s shii1
lings was the best bid going a weekv
ago.
Latest computations Indicate that
% vessels have been chartered, two|
have arrived and eight are on the sea,
bringing. when all in. about 500 009|
tons of coal.
Pocahontas coal from West Virginia
costs at Hampton roads SO a ton:
Welsh coal at tide water, s5.s4
Probably more of the tied-up ships
VIII be brought into service through
the demands for coal.
The great Pennsylvania system ID
operating full force, with separate
agreements with it's men and paying
better than Labor Board prices
Local Securities. =.
Today's market on the local ex-
change was confined largely to sales
of Railway common stock. quite a
number of quotation lots selling, all
at 81, with small sale at 57L. The
preferred stock was steady at 79.
Capital Traction sold chiefly in odd
lots, small sales being made at 10ll
to .l00A
Local bond market was slow. but
nominally firm. Capital Traction 50
brought 971z. Il
A few shares of Mergenthaler
brought l493,.
nnD1her Of
from the city and much larger
number of investors and traders.
All things considered. the market
has given grand account of itself
this summer and il would not be sur
prising If there should be a little
dullness from day to day pending
the development of factors of i'm
portance to give the bull movement
further impetus
New Bond Issue.
The Guaranty Company of New
York and Potter & Co, New York
are offering today $4,000. 900 American
Republic Corporation fifteen-year per
cent gold debenture bonds. TO be datedk
April l, 1922. and to mature April L.
1897.
The bonds are being offered at 93l
and accrued interest to yield SIS per
cent. Interest is payable April l and
October l without deduction for nor
NAL federal income tax up to per
cent
The Pennsylvania four-mill tax is
refundable.
The corporation. through subsidiaries.
is engaged in production of crude pei
| tIoleum. fabrication of steel plates for)
oil refinery equipment and manufac-
ture and operation of tank cars.
The net production of the corpora
| tion's oil-producing subsidiaries is overj
$500 barrels daily.
Net earnings after depreciafjop de
pletion, etc, available for interest and
! federal taxes. averaged for three years,
and four months ended April 80 1922,
$3.50 .0s5: were four-and-a- half times
consolidated annual interest charges OF
about s55o.000. Such earnings for 1921
were s1,136.60o, and for the first four
months of 1922. s677.S51.
| The bonds will be direct obligations
of the corporation, issued under a trust
agreement, which will restrict the paw
ment of dividends and the mortgaging
| of the property of the corporation and
subsidiaries