Evening star., 1915-05-28
UTILITY BONDS MAKE
FRACTIONAL ADVANCES
Potomac Consolidated and Capital
Traction IS Lead in Active In
vestment Market.
No Particular Inquiry for Stocks.
Railway Common Sold at 81 ".
Financial Notes.
BY I. A. FLEMING.

There was a good demand for bonds
at today's session of the local exchange,
fair purchases by banks in the en-
ployment of their funds being in evf-
dence. In all $4,000 face value of the
different utility issues changed hands,
while the stock list moved slowly.
with but one or two transactions and
10 especial interest shown in anything.
Potomac Electric consolidated 5s,
which sold to 1904 yesterday, rose on
todays operations to 101. with $4,000
face value traded in. The first IS Of
the same company brought 105.
Capital Traction IS showed better
strength, opening at 1851 and selling
to 1861.
Washington Gas SIS sold at 1o4Aa
1915
For the utility bonds named there is
always a good market. at a price. and
the concessions that are required, even
in times when bonds are slow. never
calls for more than a fraction of a
point, so that the temporary employ
ment of excess funds, readily replaced
when needed is profitable to banks and
to investors also.
Capital Traction was offered at 95%.
with 941s bid. II Is but natural that
there should be reaction after the
One sale Of Washington Railway and
Electric common, the first IN some
days. was made at 81 y. There was no
disposition to bid these shares up. nor
was there any selling pressure
Minor stocks were neglected in so
far trading was concerned
Missouri Pacific Bonds.
The acute weakness in Missouri Pa
cifc stock has naturally affected the
per cent collateral bonds of the COM
pany They are now around 40 new
low record.
The low price Of these bonds is not
only attributable to the weakness IN
the stock and the proposed plan to
scale them down by half, but also oy
reason of the poor earnings of the Iron
Mountain road. the stock OF which
forms the collateral back or the per
cents.
Chances favor the extension of the
Missouri Pacific notes. but the feellng
among holders of stocks and Junior
bonds of the corporation is that sooner
or later lhey will have, to submit to a
drastic reorganization plan
Treasury Condition.
The condition Of the United States
Treasury at the close Of business yes
terday was:
Net balance in general fund. $12.7os.-
1872
Total receipts. $1.s50.e5o.
Total payments. s2.254.s01.
The deficit this fiscal year is $685.
19s.S25. against deficit of S39.S19.o60
last year. exclusive of Panama canal
and public debt transactions
Financial Notes.
Lazard Freres has received 100000
gold direct from Paris.
The Baldwin Locomotive Company
has postponed action on dividend on its
common stock usually declared at this
time.
John G. Butler. jr.. president of the
Bessemer Pig Iron Association. ex-
presses the opinion that. with the ad
vent of normal conditions. there will
lie a great scarcity in labor for the
mills and that. because of the absence
of immigration. it may be necessary to
employ female labor.
The Union Pacific Railroad Company.
reporting for April, shows q loss of
s504,347 in gross operating revenue:
operating income is of $311,496, COM
parsons being made with April. 1914.
For the ten months of the fiscal year
ended with April the company reports
4s5.S71. as compared with the same
months in the previous fiscal year. De-
creases in operating expenses and
maintenance were very heavy.
The Chicago and Northwestern Rail-
road Company showed decrease of
s391.2s4 in gross earnings for April. as
compared with April, 1914. In the
same comparison Illinois Central earn
ings decreased s175.000: Canadian
Northern. $4,000: Great Western, $751;
600, while Western Maryland made
gross increase of $4,000.
The annual meeting of the Cramp
Shipbuilding Company, is scheduled for
the first Monday in June. when the re-
port for the year ended with April will
he given out. The officials of the cor
poration look for good results as a Sc
Quence to the pan-American conference
\ year ago the profits for the year
We're s1.lso.332, as compared with $751;,
795 in 1918.
south Pennsylvania Oil Company and
the Atlantic Refining Company, sub
sidlaries Of the Standard Oil Company
operated for the last fiscal year at
defect The decrease in earnings of
twenty-five Standard Oil companies in
1914 was 63d00.000.
It liz expected that the close Of the
current fiscal year of the government
June 80. will find the United States
with trade balance of $1,000. .000, 900.
These figures may be exceeded during
the next year. as the enormous war or
ders under way and to come with the
large buying of breadstuffs. etc. will
produce a great export trade. How will
Europe settle the bill?