Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-07-11

| method of securing accommodations from
their own banks. This, in a way, is a
reversal of the usual reason for the iss,,.
ance of paper.
1t certainly looks as If the day of re.
curIent stringency with crop-moving
movements had gone for all time-the
! direct effect of the federal reserve law.
Want Higher Rates.
Forty-six western roads have apple
for an advance in passenger rates tc
21a cents mile in the western distric,
anu cents a mile in the southern
district. territory west of Missouri
| river and south of the Union Pacific
road in Kansas
Roads involved represent 10000 miles
! OF track, and the proposed advances. n
granted. in both state and interstate rates
would mean $20.000.000 to $4,000, 900
aooitional revenue. II only the interstate
rates are granted it will mean s12. 900. O00
increase.
Special Examiner H. H. Thurtell of the
interstate commerce commission is now
| holding hearings in Chicago Commits
sioners OF the different states interested
Will hight the advance to the end Hear
ings will take two weeks. Railroads I'm
ished their evidence yesterday.
st. Paul Will Pay Dividend.
Directors of the st. Paul railroad have
given information to their friends to the
effect that the regular 2h per cent semi
annual dividend will be paid.
Crops in st. Paul territory are reported
unusually promising. the company has a
! surplus Of over $40.000,000, and the re.
qufrements Of bonds available for saw
ings banks demands that they must be
on properties paying at least per cent
on stock-all tend to the maintenance of
the regular dividend.
For the fiscal year ended June 80, 1914.
the company earned 6.3s per cent on COM
mon stock. leaving surplus of S1,O47.3l0.
or 1913 per cent. For the fiscal wear
ended June 30. 1915. the company earned
Dut z " per cent on its common stock, ac-
cording to best estimates. With the
surplus from the previous fiscal years
sary to take but s1,sS7,o from the
surplus to make the full dividend on
the common stock. The surplus shown
by the last statement was $40,S6O,ss6.
Financial Notes.
The B. F. Goodrich Company will earn
for the year ending December 81, 1915
about $7.5o0,O00 net, better than 9 per
cent on the common stock.
Earnings of Lackawanna Steel Com
pany for quarter ended June 80 will be
better than any quarter since the last
quarter Of 1913. Estimated figures
show net for the quarter, $25O,000, as
against a deficit of s565.759 for the
March quarter.
Although there has been some uneasi-
ness in the general financial situation
during the past week, the local market
has not reflected like sentiment. The
purchasing Of bonds has been excap-
tlonally good for this time of the year,
and strong demand continues for the
active issues. Washington securities
have always been favorftes with Wash
ington investors. and the present time
shows no exception.
The recent sales of bonds, it is
thought, has been largely for account
outside of this city, and this cannot
be wondered at when it is taken into
consideration that high-grade railroad
YORK market In large volume on SELL
ers' options of from twenty to thirty
days These sales are for European
account and are preliminary to sub
being made. An interesting report
made by F. l. Ioree, chairman of the
committee to report on holdings in
American railroad securities abroad,
companies. and from the income tax
certificates filed with the respective
companies. the foreign holdings in
United States securities amount to 81
576,000,000. Naturally there has been
a considerable reduction. as there
have been large sales, due to subscrip-
tons to foreign loans. 1t is notice
able that the old-time conservative 4
per cent first mortgage railroad bonds
are selling in the New York market
from two to fifteen points below nor
NAL prices.
In the New York stock market the
unfavorable character of the German
note was fully discounted. and. after it
had been digested, the market assum- :
ed a much better undertone. Real
legitimate conditions bearing on the
market seem to be rather on the con-
structive side, and in a comparatively
short time it is thought such impor-
tant factors as the crop reports, improve
have due weight. A large amount of the
selling of Northern Pacific. st. Paul,
Great Northern. Atchison, Louisville and
Nashville, Baltimore and Ohio, Southern
Pacific. Union Pacific, Reading and Penn
sylvania is directly traceable to Lon
don. and II is thought that 1t is about over
for the time being. and that the perma-
nently held stocks are not likely to be
thrown over by the English investor. ex-
cept in the event Of greater necessity.
1t is understood that the private or indi-
vidual subscriber to the British loan will
generally pay in full July 20, whereby
discount to October rs, the date Of the
last partial payment. The partial pay
ments are due August 3. II, 81; Septem-
Der IA, %, and October II and rs.