Evening star., 1915-11-28
F1NANCIAL-LOCAL AND OTHERWISE.

local bourse the stock mentioned pay
ing just fraction under per cent
on the ruling price of 50. There are
other bargains on the stock list just
as promising, on which money can be
made by carrying.
Washington Railway 4s seem to be
the favored bond issue, leading all
others three to one In volume of trans
actions. They net nearly per cent
at the market price and always have
a market without serious f1uctuation In
price. Washington Gas SIS and Potomac
first mortgage 5s at 106 form high
grade investments.
One of the features of the week has
been the action in American Grapho-
phone shares. The common closed 10
PORTS higher than the opening, and
the preferred 81 points above the initial
trade of the week.
Inside information, purporting to be
| close, gives no hint of a big dtstri-
| button in the near future. but buyers
in New York, on which local movement
is based, seem to think they have bet
ter information and keep on accumu-
| lating stock
! A million dollars for publicity cam
paign is bull argument. 1t won for a
competing company in like line OF
| manufacture and should be a factor
! for increasing earnings of the GRAPHIC
/ phone corporation as we'll.
/ Total shares for the week ended yes
terday. five sessions. s5s,6oo par value.
bonds and e33 shares of stock.
Henry Clews on Market.
Henry Clews closes his weekly cir
cular. which Is largely devoted to the
future greatness as a manufacturing
nation of the United States, with this
comment on the stock market:
THE halt in speculation which began
| three weeks ago was prolonged through
this week by the holidays, by develop
hN ~ haf
the war stocks had more than discount
ed their future, and by the consequent
| bearishness of some of the leading
traders. The undertone of the market
| has, however, unquestionably improved
! through liquidation and the test thus
applied to values Toward the end of
/ the week there was more aggressive
buying. and good stocks found ready
| support AS to fundamental condi-
| tions the outlook continues favorable:
trade revival seems to be making fur
/ ther progress, especially in the steel
and textile Industries; enterprise Is re-
| towering; railroad earnings show better
,results. both gross and net: money is
/ easy and plentiful; gold continues to
! come in freely from abroad, sterling
| exchange is still advancing, and good
| investment demand prevails for all de-
sirable issues. December dividend pay
ments will be s14700O.000 or $4,000, 900
more than last year. Next week Con-
gress opens. and its drift will be watch
| l..
sure to make it's impress upon Con-
| gress during the session, and as pre-
| viously said. problems pertaining to
| revenue, preparedness, shipping. tariff,
etc, promise to occupy first attention
!, In view of the approach Of a presi-
| Dental year, it may be session filled
with much and perhaps excited discus
sion. but little real action beyond what
| is necessary"
j. S. Bache's Comment.
Writing on the opportunities offered
| by the European war to the United
States, ]. S. Bache deplores the effect
of the Sherman law and the govern
ment suits against great corporations,
resulting, in his opinion. in the pres
ent unpreparedness to take full ad-
| vantage of the trade opportunities.
He believes the formation of the
| American International Corporation, a
/ big adjunct of the National City Bank,
although not directly a part of the
bank, will be great power in winning
trade for this country.
/ Mr. Bache says:
| Its purpose is to develop a world
market for American products and es-
! pecially to finance and promote enter
| prices In foreign countries in connec-
tton with operations here.
This in fact, is the way in which we
can best come into the trade Of other
countrtes-namely. by financing their
4 good securities, giving them in pay
rnent not money. in reality. SO much as
! our own manufactures and other goods.
! It is in this way that the vast trade of
1 England has been built up in the last
!! one or two hundred years.
This country has never invested
/ largely in foreign securities, and to the
rank and file of investors these are
| practically an unknown quantity.
| This nation has, all at once, become
| practically the only nation capable of
! lending in the world, but because OF
/ our limited experience and opportuni-
| ties in the foreign field we are barred
| from participating in such undertake
| fngs. Consequently, the greatest OPP
| portunity the country has ever had to
| fairs and trade it has not been pre-
pared to take advantage of.
| 1t is the intention of this new cor
\ poratlon to open up the way for Ameri-
| safely and intelligently. Under bust
! ness management of widest experience
| and with corps of experts the various
! enterprises In other countries which
| require financing will be carefully in
vestigated. Then. If they are worthy
| of credit, their securities will be taken
| over by the American corporation and
| the company's notes or debentures is
sued against them. Here. will be. then,
| a form of investment paying high rates
| of interest and indorsed by a rich COM
pany, ably aged. after the securi-
| ties and properties. under most careful
/ and expert investigation, have been
| found to be sound.
In addition, securities issued by for
! eign railroads and guaranteed by for
! eign governments. like those Of China,
! will be brought out after the company
has passed upon their safety, and Of
4 fered directly to the public. In this
/ way the savings of our people can be
used patrioticaNy and profitably in ex-
t tending the influence of the United
! States in the other countries of the
/ world.
| Further than this, the new corpora
4 new projects in aid Of development of
! resources of countries whose markets
we seek.
/ Financial Notes.
American Tin Can Is said to have a
new war order for s10,000.00O. Deliv-
| cries are soon to be made the first
contract, calling for $1s.000.000. There
is 81 per cent deferred dividends on
that part all will be paid at the
dividend meeting next week.
Wagers have been freely made that
| the United States Steel Corporation
| would make S50,0OG,000 net for the
fourth quarter Of the year. This would
leave a surplus for the year 1915 equal
stock.
Cali money in New York. per cent;
renewals u per cent. Six months
money, 2A to per cent.