Evening star., 1922-08-14
LOCAL SECURITIES
WERE IN DEMAND
Railway Shares Easier.
Traction and Lanston
Firm.
BY I. A. FLEMING.

Action on the local exchange today
was moderately large in the aggrs-
gate and decidedly interesting. some
unusual sales being made and con-
siderable strength developed in Cap
ital Traction and Lanston. while
Railway common eased another frac-
tion on very limited transactions.
Washington. Alexandria and Mount
vernon bonds sold at % 'fat," the
only possible way they could have
sold, for they have not been honored
with interest thereon for many days.
metropolitan railway SIS were firm
at S7& and Potomac consolidated 5s
brought 952.
preferred at 774 to Tx indicated q
SLOW sagging movement as the long
expected bid for the big block of COM
mon stock is still missing.
tIanston was active at s0lz to So3s.
An unusual sale was that of 100
shares Second National Bank stock
In ten-share lots. all Al $50.
Norfolk and Washington Steamboat
sold at 200 share.
Rapid Transit at a Loss.
The Washington Rapid Transit
company, reporting for the month of
sniy, ADMITS a net corporate loss of
Total operating revenue, s24,7oo.sa,
and total operating cost. $27.33O.l2.
Adjustment resulted in the net loss
reported.
Personal Mention.
W. W. Spaid of ". B. Hibbs G. Co.
returned today from Atlantic City.
A. v. Nevious of the Riggs Ma
tional is at his desk after trip to
Vice Preside2t Fleming OF the
Riggs National Bank leaves tomor-
row for Deer Park on his annual va
cation.
RefundinE Operations.
Refunding operations will become
popular very soon-indeed. some have
started. the United States Rubber
Company giving notice of a sale of
per cent bonds. sold through Kuhn.
Loeb & Co, for the replacement of
$6.000,00o Z per cent bonds which
have been called. the net result being
a saving of $4,000 on interest
charges annually.
Company will have s4.6s1,ooo general
IS coming due, provision for retire
ment or refunding of which will have
to be made.
1t was admittedly the intention of
the company to make the refunding
future refunding operations but the
low rates for money will probably
cause a change In this respect. and
it would not be surprising il the 81
100000 general improvement and re-
funding is were the one and final is
sue at that rate. Selling at los. they
may yet command higher price.
The Washington Railway Company
also has an issue of $1,000 IS coming
due next year.
In all proba ability both of these s
per cent bond issues can be readily
al 4
just possible that the railway COM
pany might do the unexpected and
pay of its IS and retire the bonds.
1t would not be bad policy, especial
ly if the Supreme Court rules in
favor of the Potomac Electric Com
pany in the service case.
Kahn on European Matters.
Otto H. Kahn, big banker Of New
York city, has just returned from
European trip. in which he has had
hrst-hand knowledge of conditions
as they are over there.
Mr.. Kahn urges closer relations on
the part of Americans with Europe.
He suggests Official representation
on the reparations commission, an
unoficial representation Of the
United States at league OF nations
meetings and q liberal treatment
by this nation Of her foreign debtors.
Mr.. Kahn does not urge cancella-
tion Of debts but only in return for
elimination or mitigations that keep
Europe in a turmoil. He believes
distinction should be made in the
debts contracted for war making pur-
poses and those contracted after the
armistice.
European purchasing power may
not be absolutely indispensable to our
manufacturers. although 1t is to some
of them-though it is indispensable
to our farmers. because they have no
other market for their surplus.
"These reciprocal debts and claims
hang like a milestone around the
neck of Europe.
.tAustria's might is traHic"