Evening star., 1915-04-11

For the year l9l3 up 10 the ciose VI
business yesterday the transactions on the
Washington Stock Exchange totaled $3.50
shares of stock and S552,000 bonds, face
value. Potomac Electric consolidated oS
" ere the favorite trading bonds, record
of the sales showing $4,000 bonds, par
value, changing hands Washington Rail
way As were second, with 100000 sales.
The Potomac Electric consolidated os
have been purchased freely by investors
for the reason that they have averaged
several points. perhaps an average OF s4o
a bond, under the current prices for other
high-grade first mortgage issues, while in
veStors consider them possessed of merit
and ample security. These bonds are to-
day better by Ia points than the low
price of the year. and are at high, while
other issues have generally sold Off L
to points. the latter in the case of Capt.
tai Traction 5s. which opened around 1o7.
and are now at 104.
For a long time investors have been
large buyers of local bonds, understand
ing conditions surrounding them and
familiar with the security back OF them
But more tempting bargains. even in for
eign loans, has caused the withdrawal of
some of the orders. and also shifting OF
investments to the lessening of the buy
ing power IN this market
1t is also probable that the wild
activity in the New York stock list
may have been responsible for shifting
investments to take on new commit
ments.
Practically all stocks. other than
Capital Traction, Washington Gas,
Lanston and Mergenthaler. are at the
high of the year.
Minimum prices will be taken off all
stocks Thursday. and prices VIII be
\,
ably around current curb values,
while Mergenthaler has market to-
day around ia. 20 points below the
high of the year. Washington Gas
should not go under tos., ex-dividend
Bank stocks do not show important
change Washington Railway and
Electric, common and preferred. has
been so we'll taken that 1906 shares
have changed hands without material
reaction from high levels.
The Condition of the Treasury.
More than $l17.716,o0O excess dis
bursements over receipts is shown by
the Treasury Department of the United
States as a result of operations dur
ing the fiscal year to April s. In the
meantime the net balance in the gen
eral fund is decreasing at a rate that
is interesting, in that there is a ques-
tion as to it's lasting until such time
as the income tax and corporate tax
revenues commence to come in.
Entering the fiscal year with a very
comfortable net balance of $146 6,0OO,0oO
the outlook one that did not
arouse any uneasiness, as the income
tax was counted on to more than Off
set the $60,0O0,000 a year estimated
loss of revenue through the revised
tariff measure. But August l there
came a change-war, fierce and wide
spread caused Stoppage of imports
to large degree and, with shipping
difficulties, has made imports made
quate to produce even reduced esti-
mated revenues.
But to offset this loss, the war tax
measure was adopted. and large
revenues resulted, but not sufficient to
meet the deficit in export revenues and
the reduced returns from other internal
revenue collections.
In the nine months and eight days OF
the fiscal year that have gone this
Sl46,OO0, 900 net balance in the general
fund has been reduced to S2S,ilo,5Oo
There is practically three months more
of the fiscal year, but at the rate OF
excess disbursements day by day the
question of the general fund showing
more than a few millions. If anything.
net before the end of the year, when
the income tax comes to the rellef OF
the situation is interesting tinancers.
The internal revenue department now
looks for $75.O00.000 receipts from cor
poration and income taxes. If the IN
come tax is up to the estimate there
will, in all probability. be dehclt. but
this might not be considered serious
in view of the existing disturbance of
trade.