Evening star., 1922-08-09
LOCAL STOCK LIST
QUIET, BUT FIRM
New High at 1903 IA on Po-
tomac Electric 7s-Bank-
ers' Convention-Notes.
BY I. A. FLEMING.


Local securities are holding their
own and marking time, with every
thing else, while the vacation season
drags along to it's close. Soon the
month of September will be here. and
with it many investors and brokers
will return to the city, and. If the
strikes are a matter of record only
by that time, the chances are for de-
cided revival in business in more ways
than one.
The feature of the trading today
was the establishment of a new high
on the per cent bonds Of the Poto-
mac Electric Company. when they
sold at 10sA. But the advance was
not held, and orders were filled. par
TALLY at least, at 10S later. and this
price was bid to the close of the ses-
sion.
General es of the Washington Rail
way Company brought s9A and s9A.
Gas SIS strong at 94h and Traction
SIS at 9SK.
washington Gas displayed little
more strength selling at So and 56h
later.
Capital Traction brought 10oA.
banks as it is on the exchange, there
being relatively small demand for
funds.
International Finance.
Our policy lies in a frank under
standing with America. 1t lies IN
our colonies. on the seas and in the
air-above all, in the great fresh air
of new beginnings. We must get
back the habit Of recognizing values.
The American program shows the
way. 1t says not pyrotechnics put
economies. America is right. She
cannot be expected to sink investors
money in the bottomless bins OF Ger
man and other paper credit.
In 1913 Germany, Austria Hun
gary, the Balkans and Russia took
only 7h% of our total production.
Our manufacturers and f1nancters
will be mistaken If they spend time
muck -raking among the collapsed
exchanges of Europe and ignore the
golden crown offered by their own
country. their empire and the end
of the earth-The English Review.
Note Allotment.
Secretary Mellon yesterday evening
announced the allotment of Az per
cent four-year notes. sold with August
1, and upon which 1712 per cent pay
ment has been called, payable yes
terday and today. In place OF the
$300,000,000. as announced with the
offering. $475,000.000 of subscriptions
have been accepted.
OF this amount it Is estimated that
s135,0O0000 were taken in exchange
by holders of victory ~ per cent
notes. the cash subscriptions accepted
being about s345,oOO.0o0.
On the open market the notes are
now selling at premium, 1001a being
bid and 100M asked. Many buyers
who were not fortunate In securing
notes for their needs in the general
subscription are placing orders for
their requirements in the open mar
ket.
Cut Rates to Convention.
For the convention Of the American
Bankers Association. to be held In
fares will be offered on all railroads
except from California. Nevada and
Oregon. where tourist rates will be in
force.
Elsewhere the fare will be one-way
rate plus one-half Of one-way fare
September 27 to October 4. Valuation
OF tickets and identification certifi-
Gates are necessary.
A committee has just been appoint
ed to wise the program of the con-
vention, including Lewis F. Pierson,
,
holds. Walker Hill. Lyman C. Muir
ray. Lyman J. Gage and E. F. Nc
Swinney.
During the convention in New York
in October. the fifteenth anniversary
committee will meet and will bring
from all parts of the country bank
ers who have been Identified with the
association since it's organization.
Personal Mention.
R. Golden Donaldson. president of
the Commercial National Bank, is
resting at the Hot Springs. Va.
Victor B. Deyber. president of the
Second National Bank, is , at Asbury
Park. N. J.
James H. Baden, cashier of the
Commercial National. is back at his
desk after several weeks outing.
c. B. Chapman. manager of Harri-
man & Co.'S local office, has returned
from Atlantic City.
W. J. Waller, cashier of the Ameri-
can National Bank, is spending his
vacation at Atlantic City.