Evening star., 1915-06-06

But a fraction of the June disburse-
| ments have been reinvested in the To-
cal security market. Deposits con-
tinue to increase in the banks sof the
| city. as elsewhere throughout the
country. and this. with the dullness
prevalent in lines of legitimate busi-
ness. is but an evidence of the trend of
the people to await the settlement of
the all-important happenings and un-
| certainties of the times
While money is easy, bankers are de-
cidedly conservative and are not urg-
ing their customers to enlarge opera
| tons. but, on the contrary. they are
opposed to expansion
The season has been backward, sea-
sonable goods have not been selling,
adding another feature to the econo-
| lent everywhere. Collections are slow,
but the banks, as shown by recent fig
ures in this column. are making their
dividends and more, through judicious
investments. Moreover they are TAX
ing prohts on bonds, when profits are
in sight.
Local securities have only spasmod-
zeal activity; every one is interested in
the forthcoming report of the Wash
ington utilities commission, and in the
progress of the physical valuation
watched.
Washington Railway and Electric
shares closed strong; Washington Gas
Capital Traction has turned from the
squirt to 80 and is now offered at o.
and firm.
Bank stocks are entirely nominal
but those who have stocks seem salts
fed to take their dividends and hold
on to their shares
The summer is past due: with it will
come summer dullness in the local mar
ket, and there will be little chance for
material activity in trading or changes
IN prices until something happens to
stimulate buying or selling-until aft
er the great problems of the day are
settled.
Public Utilities Earnings.
While the business of corporations
engaged in serving the public in other
cities may have no direct bearing on
the business of the local utility COM
pantes, they nevertheless tell their own
story and are interesting to holders of
this class of securities
Chattanooga Railway and Light Com
pany for April showed a gross de-
crease as compared with the earnings
of 1914, of s2.SS4 Columbia Railway
and Power Company in the same COM
parison showed a decrease of s1.3S5:
East St Louis and Suburban, a loss of
$lo.110; Grand Rapids railway. a de-
way and Light, $lo.11o decrease In
all of these cases the net earnings
showed b satisfactory increase,
brought about by the econo-
mics in administration. which business
men generally are putting into effect.
The balance sheet of the American
Gas and Electric Company, for the
year ended March 81, shows an in
crease of s565,000 in gross earnings.
England's Financial Strength.
England's financial strength is great
er than the published reports of the
Bank of England would seem to indi-
cate. At that there is practically
$275,00o,o00 more gold in the Bank of
England than there was early in 1914.
Latest exact comparisons show s41S,-
$4,000 cash in hand. and at Bank of
England. April Is, 1914, and $685.
'rUso Them on ahere s1eo aps ars s. ssiS in
April Is. 1915. as compared with
s2,739.1s5.000 April is. 1914. The easy
London money market shows the
position of England financially
Great Britain is financing her allies
in large amounts. and is employing
and making her supply of gold do
much work in establishing credits
That she has drawn heavily on her
resources is unquestionably a fact.
The largest joint stock bank in Lon
don is the London City and Midland
with deposits of $65s,319,o00.
Some Encouragement.
A number of prominent railroads are
now passing through the reorganiZa-
tion mill, their securities not honored
at maturity, and some roads in the
hands of receivers. Some of these roads
were at one time in their history won
derfully profitable, until burdened with
securities too heavy for them to pay
interest and dividends on. The Rock
Island was at one time a great money
making road; likewise the Chicago and
Alton, Eastern Illinois, etc.
There is to be found much encour-
agement for those who own securi-
ties In roads that are forced to go
through reorganization, in the fact that
some previous reorganizations have
produced great corporations with large
profits to the holders of their securi-
ties
Commerce and Finance makes public
a list of forty-six well known railroad
issues upon which payment of interest
on bonds was defaulted, where In re-