Evening star., 1915-09-18
BARGAINS OFFERED ON
: THE LOCAL BOURSE|
Prices Reach q Point in Local Util-
ity Stocks Where They Are
Considered Attractive.
General Motors Company Prosperous
Without War Orders-Div1dend
Declared-Notes
BY I. A. FLEMING.

COndt1lOnS
matters show but little signs OF I'M
provement with the approach OF tne
fall months and the busy season
Investors have been given no direct
or important information regarding the
earnings of the street railway COM
panies; they have found actual m
vestment in New York securities gen
orally profitable, and spectators, too'
have made good returns from thelr op.
erations in the active list Only sitiaiA
purchases have been made OF either
stock. or bonds for Washington ac-
count on the local exchange, the naore
so since local bankers have turned "
high-grade rail and municipal ooiioS
offered by statesmen OF bona housee'
rather than local issues selilns On
basis considerably better than pef
cent A dormant market Is not TO the
liking of traders.
But there Is this much to be saio IN
favor of local securities-they nave
reached a point where the bargains arc
attractive: where there is no reason 70
anticipate much further recesslon. nc
intrinsic value is there, anu WILL oe
there in years to come
A few years ago the slogan oack ~ "
washington Investments was TINS: II
YOU believe in the future OF the Uniteo
States you have got to believe in WASH
ington, the National Capital
The slogan holds good today. Keeu-
lat.on does not mean ruination. Equl-
ties will be safeguarded at all times.
With bankers seeking. actually look
ing for borrowers with collateral 10
take money at per cent, perhaps
little less on an especially oeslrADie
loan. local securities, especially tne
utilities, should show some improve,
ment in the volume OF business ana
prices before very long:
After today there will be but one
more Saturday closing OF the Wasnlng
ton Stock Exchange. Thereafter stocks
should do better. There is nothing IN
the situation to indicate that there will
be any change in monetary conditions
so long as the war continues
There is profit to be made In carry
ing stocks with borrowed money on
some of the leading stocks on the local
list.
Financial Notes.
General Motors stock shows great
strength. The first dividend ever paid
on the shares. 50 per cent cash. de-
clared Thursday. was decidedly salts
factory to shareholders. The opinion
now is that regular dividends will
begin In November. General Motors
Company owns the entire capital stock
of the Cadillac, Buick and Oakland
nOIOE car companies the OlQS
works and several other concerns in
the same general line. Ohicials of the
corporation declare that they have not
made 81 directly or indirectly from war
orders.
The Distillers Securities Company has
decided to defer action on dividend.
The trainload average of the Balti-
more and Ohio last year was raised
to 694 tons from an average Of 619 tons
in 1914 and 466 tons in 1910. This Is an
indication of Strengthening out Of many
curves, some grade reductions and also
OF larger and more powerful locomo-
tiveS. Last year the earnings per train
mile on freight was $3.77, as compared
with $2.S5 in 1910.
Dividends Declared.
The Commercial National Bank direc-
tors voted the regular quarterly divi-
dend Of 2h per cent, payable October l.
The Union Trust Company will pay
shareholders Of record October 1.
Treasury Condition.
The condition of the United States
Treasury at the close of business yes
terday was:
Net balance in general fund. $4s,142.-
sss.
Total receipts. $2.se2.647.
Total payments. s3,07s,034.
rhs deficit this fiscal year is $33.7s2,-
S26. against a deficit OF $17.079,602 last
year, exclusive Of Panama canal and
pubic debt transactions.