Evening star., 1915-06-18
VERY LIGHT TRADING
IN LOCAL SECURITIES
Utilities Stocks Entirely Neglected
Bonds Show a Fair Tone-C.
& O. Passes Dividend.
Washington Corporation News-Sir
George Paish on the Trade Bal
ance of the United States.
BY Z A. FLEMING.

BY L A. FLEMING.
With the exception Of a few thousand
dollars worth of bonds purchased at
today's session of the Washington
Stock Exchange, business was practl-
cally at = standstill.
one $500 bond. Capital Traction as.
sold at 1858. Washington Gas as were
a trifle frmer at los. while Potomac
Consolidated SIS were easy at 1oo%4.
Four shares of Mergenthaler COM
pleted the record of sales, these at
1873.
Bids for Capital Traction stock were
made at sSa.: for Railway common, at
eoI. and for tire preferred. at S3ic. TIE
quotation bid for Washington Gas
was -
There was little interest in the ses-
SION. some of the brokers. whose at
tendance usually makes for business
being absent
Dividends Declared.
The Security Storage Company has
declared dividend of 81 per cent,
payable July 10, to shareholders of
record June 80
The Eastern Light and Fuel Company
will pay its shareholders a quarterly
dividend of . per cent July l, books
closing June 21
Bank Clerks Outing.
There was a general exodus of bank
clerks for Marshall Hall this after
noon, where the annual outing of the
association is being celebrated. Many
senior officials of banks went down on
the afternoon boats.
Annual Meeting.
The annual meeting of the German
American Fire Insurance Company was
held yesterday afternoon, and the fol-
lowing officers and directors were
elected: E. G. Schafer. president;
Charles schafer vice president: ]. A.
Maedel, treasurer: II. H. Bergman.
secretary. and 6. NJ. Emmerich, assist
ant secretary: directors, Charles b.
Pearson, 6. NJ. Wolfsteiner, w. E. Ed
monston, Francis A. Blundon, E. l..
Schmidt and Herman f. Gasch.
Approve Discount Rate.
The federal reserve board has ap-
proved a rate of per cent for ninety
days. agricultural paper. made by the
regional bank of Kansas City.
Treasury Condition.
The condition of the United States
Treasury at the close of business yes
terday was:
Net balance in general fund. $685.
412,39S: total receipts, $4,S36,213; total
payments, $1,955.27s.
The deficit this fiscal year is $780,
S31.S29. against deficit of s30,576,512
last year. exclusive of Panama canal
and public debt transactions.
Passes Dividend.
rheSaDeuke and Ohio directors vas
tsrday voted to take no dividend action
at this time. 1t was admitted. in a
statement which the directors made
public. that the gross earnings of the
company were the largest on record.
but the character of and direction of
traffic. entailing large decrease from
rental equipment and heavy payments
to other lines. reduced the net
Advance figures indicate that the net
earnings will be about equal to 4 per
cent on the stock. The surplus for the
year has been adversely affected by the
decreased earnings of Kanawha and
Michigan and of the Hooking Valley
road. both subsidiaries.
Looks for Better Times.
c. NJ schwab. head of the Bethlehem
Steel Company. expresses the opinion
that the business of the steel compa-
try. will show a material improvement
He said that the rail and structural
mills of the Bethlehem Steel Com
pany are operating IS, per cent of ca
pacity. He also looks for higher prices
for products. Z. S. Steel Corporation
IL operating to SIS per cent of capacity.
Financial Notes.
Gold imports from all points for the
year up TO the close of business yester-
day totaled s107 ,os5 900
New York Stock Exchange seats have
declined $4,000. At least this was the
difference in the last two sales re-
ported. the first at $50, 900 and the last
at 5000.
Our Trade Balance.
Sir George Paish estimates that the
United States will have net credit bal
ance Of $500. 900. 900 during the next
fiscal year He furthermore says that
payment must he made in securities, that
If the United States will not accept the
securities Europe will have to reduce con-
sumption. and the United States will have
TO sell her produce for the money which
consuming countries could afford to pay
Continuing, Sir George saws: In
deed. II is clearly understood that the
1argeness Of Americas exports since
the war began is due to her willing
ness to take securities in payment for
large part of the goods exported
Since the war began the United States
has not only paid the $500. .000, 900 of
floating debt owed on balance in
Europe. but has placed abroad some
s2<a.o00.00o additional money. subscrip-
TO the end of April the exports were
1904. 900 900, and the importa hut