Evening star., 1923-08-17
FAVOR|TE ISSUES
DEVELOP STRENGTH
Feature of Weeks CLOSING
Session of Washington
Stock Exchange.

The weeks closing session OF tte
Washington Stock Exchange this
morning was conspicuous by thu
strength shown in several favorit-
issues. Lanston Monotype, which ha
been on an UPWARD trend for the pas
few weeks. continued its advance u
15, the highest figure Of the current
movement, and Capital Traction stock
was likewise strong at 10lls and
l0lA. Sixty-eight shares of the lat-
ter changed hands at these figures.
One Riggs Bank eights sold at 1OU.
On the investment side Of the mar
ket, Gas % brought 92Ia. Railway is
12 and G. G. p. Telephone IS OF Vir-
glnla were in good demand at cps.
A sale of twenty-five shares of De
partmental Bank was made on the
| unlisted department at 81.
Ss,0OO.OOO Bond Offering.
| The largest piece of public uttltv
| financing 10 be placed on the invest
ment market since the week erded
June 10, when the $4,000. 900 Illinois
Bell Telephone per cent mortgag.
bonds were sold. is being done todas
by Dillon, Read & Co. who are Offer
| ing an SS,00O.00O issue OF Enrr.
! American Edison Company 6,. per cen,
secured sinking fund gold bonds, Sc
ries Il. dated March 10, 1922, and dua
September !. 194S The bonds are priced
at sS1z, to yield 500 per cent. Applca
tion VIII be made TO list them on tn
New York Stock Exchange
As security for the issue. Edv 4
Gruhl. president of the compa!.s.
which is a subsidiary Of the No,;.
American Company, states that :Ho
following collateral has been pledged
| SlO,S4O,l0O par value common stock ~
the Cleveland Electric illuminate.
! Company. 55s,s43 shares of comrno,.
stock Of the Union Electric Light ana
Power Company, $7.500,00o common
| stock OF the Milwaukee Electric Rail
way and Power Company. 1866, 7Ou
shares of capital stock of the Wiscon-
sin Electric Power Company, 1893. 800
shares of common stock of the Wis
consin Gas and Electric Company and
466.300 shares of capital stock of the
Wisconsin Traction, Light, Heat ard
Power Company.
Sinking Fund Provided.
A sinking fund has been provided
beginning March L. 1924. 10 redeem >
per cent of the bonds every year h
purchase If obtainable at or below
100. The issue is redeenable UP -
September ], 1924, at 106 and there
after at u per cent each succeeding
year.
The recent resolution passed by the
District of Columbia Bankers Asso-
citation out of respect TO the memory
of Warren G. Harding has been pre-
pared in a handsomely bound black
leather folder. and after the sigma
. lures OF Harry V. Haynes, president.
and Howard Moran. secretary. have
been affixed. 1t will be presented
formally to Mrs Florence King
Harding.
Weeks Financial Showing.
Moodys Weekly Review of fnancia
conditions in its current issue says
! in part:
"A vital question now is the extent
| of the autumn trade. If this seaSona
| business proves as good as usual
commodity prices should recover. rail
road earnings break records, margins
| of profit improve and every industry
show new life. In the autumn trade.
however. the buying of manufactures
and merchandise by the interior and
the rural districts is as important as
the harvesting and selling of farm
products. Much depends, then, upon
the profits of the farmer
The current impression that the
worlds international trade is going
from bad to worse appears erroneous
II is true that the 1928 trade balances
of most foreign nations show only
moderate improvement over 1922, bur
either the net balances or else the
gross exports do as a rule show this
moderate Improvement. 1t is our owl
net balance that has become adverse
Comparing 1922 with 1920 il is found
| that the foreign trade position of al
most every nation has greatly inn
proved. Thus the worlds business IS
| slowly reviving in spite of the disas-
( trous and world wide failure Of
| statesmanship.
Mems Better Quality.
| TO America this means a better
| ment in the quality of our foreign in
yestmentS; slow but continual
growth in those of our products
wherein the United States is tho nat
ural source. and an ultimate return IL
something like the prc-war conditions
| in foreign trade. BY this is meant
that export business is likely TO re-
main highly competitive. and that
| foreign markets, which appeal to u
! merely because Europc's gates are
| closed. may now be regarded as per
manently lost in most instances"