Evening star., 1915-05-30

,non,hs in the matter of dividend and
interest payments, and yet the ois
bursements In the city. Tor "hieh
cbecks were sent out last evening, VIII
reach a fair aggregate, for the reasoi
that semi-annual payments on interest,"
accounts are due on the $6.Oooooo
ror cent bonds of the Capital Traction
ro.nv and also on the $11.643.o00
,ar cont bonds of the Washington Rail
,,,v and Electric Company. While the
dividends on the $lo.ooo'ooo
stock of the latter corporatio" 'a
also been declared ana cheoN'
in payment thereon.
Total disbursements aggregate aooo.
s7s7 900 in Washington. OF whlch eu
the Washington Railway ana
Company has paid out $eeo'oi''
addition the Potomac Electric I'm
many a subsidiary of the former Cyl
noration. paid out $42.50o interest on It's
first mortgage per cents
Payments were as follows:
For interest-Capital Traction os'
s,5o 900. Washington Railway As. $2Sz'-
$50; Potomac first 5s, $42,5eo'
For dividends-Railway common
s111.250; Railway preferred s1iz,ooo'
continental Trust Company. STOCK >i',-
ooo. potomac Insurance, $4,000; total,
s767,110.
Should Help Local Market.
These disbursements should have a
good effect on the local security mar
ket, which just at present is ratner
slow. Usually a fair percentage OF dis-
bursements is reinvested. 1t is pos
sbIe that uneasiness in security circles
lust at this time may delay reinvest-
ment. although bonds should not suner
from neglect. with money plentiful.
During the last week $3S.600 face
value of bonds changed hands. and but
PA shares Of stock. There was no ois-
position to trade in utility stocks.
usually the active leaders. one reason
for the dullness is that the shares OF
the Washington Railway and Electric
Company, for months the market lead
err have almost ceased to attract any
attention at the daily sessions. Ihe
stock at 9lk for the common and o4 Y
for the preferred is decidedly firm. but
the support long a feature of the mar
ket is not inclined to further advance
values.
Such a large percentage OF the en-
tire rehabilitation Of the company has
been tied up that the supply of noating
stock has been greatly reduced and II
does not seem to be the intention to DID
the shares to higher figures.
in the railway shares. the chances are
decidedly for a dull stock market, as
they have been the leaders ana tne
only stocks for which there always
seems 70 be market without price
For the year to date 6.356 shares OF
railway common and preferred nave
changed hands, more than the stock OF
Vet the last week but flfty-one shares
were recorded on the sales sheet. The
total sales Of all stocks for the year to
date. including bank shares, etc. WeTs
11.766. .,
OF business yesterday were three points
below the high Of the year; Raiiway
shares, just ex-dividend. are on from
the high, one point on me eonlnH,, otinaI,v
the dividend; Washington Gas is on
a points from high. Bank stocks are
not far from high. while bonds are in
the same condition. with the exception
of one or two issues.
1t is this continued steadiness in the
Washington security market that gives
confidence to buyers. where other
markets luctuate under the influence
of the days Developments.
Executing Orders.
mere was uo iioA eeAiSAoA SN~sS~~
of discussion in financial circles during
the past week, outside Of the PAN
American conference. than the ques-
ton of banks transacting business for
their customers in securities.
1t is natural for men with bank ac-
counts, who are not daily traders in
stocks and bonds. to give their orders
to their bankers when they desire to
make investments or to sell securities.
with the authorization to charge or
credit the account of the customer.
This is frequently the case when Gus
toners are absent from the city.
This does not mean that the banks
execute the orders on the exchanges,
but that they give the order to a recog-
nized broker, generally to a customer,
in the security business. who reports
the sale or purchase and makes deliv-
cry thereon.
Banks frequently increase their hold
ines of bonds in periods when deposits
are large and the employment OF money
in legitimate channels light. In like
manner. when there is need for great
ed accommodations for customers,
bonds are sold. These are about the
only transactions bankers make for
their own account
Practically every commercial bank in
the city receives orders from customers
and the larger banks two or three Or
ders a day on the average. An average
OF two orders a day would be at the
rate of about 500 year.
Greene Cananea.