Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-07-02
DULLNESS FEATURED
LOCAL STOCK MARKET
Capital Traction Shares Nominally q
Little Stronger Today-Rail.
way Common Neglected. =.
Federal Reserve Board Rules Banks
Bond Purchases-Treasury Con-
dition-Nnancial Notes.
BY I. A. FLEMING.

The week. so far as the Washing
ton Stock Exchange is concerned. closed
with today's session and business will
not be resumed until Tuesday.
Today's session added but one one
thousand dollar bond to the record OF
sales and two shares of stock, and
gave no indication of important change
in prices other than an advance in the
bid price of Capital Traction shares to
500. with 81 asked.
The record for the week ended with
today shows transactions of 229 shares
of stock and s26,120 face value of
bonds. Not single share of Washing
ton Railway and Electric common was
sold. rather unique record for a stock
that has been the market leader for
many months. A few lots of Capital
Traction sold down from 81 to 80, while
Washington Gas enjoyed one active ses-
sion and then settled down to its usual
dullness.
Reserve Board Ruling.
One of the provisions of the federal
reserve act empowers the reserve board
to require regional banks to buy annually
$25.000.000 government bonds from men,
Der banks that have made application to
the treasurer Of the United States to have
bonds retired.
The reserve board has ruled that gov
eminent bonds acquired by regional banks
before December 81. 1915. cannot be
counted on as part of the allotment pro-
vided for. The board has become ac-
quainted with the fact that the present
low prices of government bonds, due to
the low rate of interest which they bear.
has induced large purchases by regional
IA he
ceptable to the board. as their proportion
Of the years purchase. if ordered.
The bonds SO acquired are to be used
as the basis of security for federal re-
serve notes, just as they are today the
pledge of the government back Of tho
national currency of the country.
Treasury Condition.
The condition of the United States
Treasury at the beginning of business
yesterday was Net balance in general
fund, sS2,o25,716: total receipts June 30.
s44, 715.154 total payments June 80, $715,-
sos.
The deficit this fiscal year is $35.sS4.
3S2, against a surplus Of S33,1S4,452 last
year. exclusive of Panama canal and pub
lie debt transactions.
Low Rate Made.
The federal reserve board has approved
| a rediscount rate of 3 per cent on COM
mercial paper. with maturity of not more
| than ten days. for the federal reserve
| bank at Boston.
Financial Notes.
Exports of the United States Steel
Corporation Company's product are
| on basis that promises the largest
years business on record. The year
! 1912 was the banner year in this line.
when close on 500. OOO, 900 of steel prod
| ucts OF this corporation were exported.
Many good rail orders have been
booked, with France and Russia max
ing applications for terms on big con-
tracts.
Wall street was sorely disappointed
this morning on the announcement
that the United States Rubber Com
pany had passed the dividend on COM
mon stock. 1t is said that the divi-
dend was fully earned. but that the Of
f1cials considered it wise to strengthen
the company's financial position. Stock
declined points a result.
The excess of exports over imports in
May of this year was $131. 49,, 242; for
eleven months the excess of exports
was $512,O06.5S2.
Corporate financing during the month
of June totaled $S3,OOO,0O0. For the
six months ended June 30 the total was
$I95, 100000, as compared with $780,
100000 in the same months of 1914.