Evening star., 1915-05-10
BONDS ARE FAVORED
ON THE LOCAL MARKET
No Transactions in Stocks-Market
Slowness Natural in View of
Conditions.
Kansas City Southern's Showing and
Outlook for 1915-Earnings Of
Railroads in 1914-Notes.
BY I. A. FLEMIN g.

investors nave apparently ueciuti i'ie-
frain from operations in Washington
stocks for the time being. if one may
Judge from the extent of the transactions
on the two last sessions of the exchange.
The entire list was actually nominal to-
day.
1t is hut natural that there should be
hesitation in the market at this time.
Matters are unsettled; there is more or
less excitement, and much irregularity
attends the New York stock maket, while
the boom there. for the time being ut
least. seems to he spent; the public mind
is excited to a greater or lesser degree.
and there are potent possibilities in the
air.
There was no disposition on the pa rt
of holders of local stocks to reduce
their selling prices. although bid levels
were slightly lower.
With bonds II was entirely different.
There is no uneasiness on the part of
bond holders. and investors are pur-
chasers of these. Local financiers con-
slider the bonds of every utility COM
pany in Washington safe and the regu-
lar interest payments sure.
There were transactions today at loo
for Washington Gas IS. 100% for Poto-
mac Consolidated Electric IS. and at
s2i2 for Washington Railways As. with
$500 bond of the latter issue at 81 ts-
lation being generally considered as
strictly investments.
Kansas City Southern.
Washington interests have been more
or less interested in the outlook for
Kansas City Southern shares of late
and an inquiry or two have been re-
ceived regarding the prospects of the
company.
Kansas City Southern bids fair to
earn it's preferred stock dividend of
per cent and a surplus of perhaps
100000. This surplus would be equal
10 about | per cent on the s3O.oo0.o0o
Of common stock and would compare
with 2.9J per cent in 1914 and 2.6S per
cent in 1919.
Experts call attention to the fact that
the Kansas City Southern is the short
est road between the central western
sountrw and the Panama canal, and
that. such. there will accrue to it
much of the business from the manu-
'acturing and agriculture west for re-
shipment through the canal. Kansas
City Southern is one of the two direct
lines between the north and the south.
illinois Central being the other.
Estimated revenues. based on the
-ecord to date. indicate gross revenue
II $10.01a,0o0 for the fiscal year ending
'une 30. 1915, as compared with S10.-
1884, for the fiscal year 1914 OPP
rating revenue is likely to show a
oss of about S515.00o. and the net cor
,orate income Is estimated at 81 .143.ooO,
3 compared with s1.125.44 in 1914
During nine months of the fiscal year
saving in operating expenses of
10000 has been effected. Transporta-
1915. Total operatiIg expenses are
TO 10 per cent lower than in 1914.
Financial Notes.
st~-' manufacturers estimate the
arnings of the United states Steel
corporation for the second quarter of
Ne year 1915 at s21. 500. 200. as com
ared with s1e.457,0oo for the first
uarter of the year. Manufacturers
aim that there is no reason to eI-
ect the earnings Of April. May or
une to be below the March average.
The British board Of trade reports
hat the imports to Great Britain in
tpriI increased f12.0s1. 900 and the ex-
iorts decreased e7.777.ooo.
capital expenditures on Brooklyn
ave been S7.534.s03.
An American syndicate is offering
100000 per cent gold bonds, Ave
ears period to maturity. of the Argen-
ne Republic at 90 and interest
4 summary Of the earnings OF all
,merican railroads for 1914 just is
led. shows a loss In gross revenues
$192.037.29l. as compared with the
ross earnings for the calendar year
s14: while the net earnings show a de-
rease of $32, 15.o0s in the same com
,arison.
Cuba's new coinage system is based
n the American dollar. the first of the
attn American countries in eliminat-
ng this obstacle to American trade.
quotations in the future on sugar and
,ther products win be based, az to