Evening star., 1915-02-16
RAILWAY PREFERRED
RECEIVERS IT'S DIVIDEND
Washington Securities Market
Strong and Broad-Foreign Ex-
change Rates Demoralized.
Dribbling Liquidation for Account
of Foreign Holders Feature of
Wall Street.
BY I. A. FLEMING.


on the exchange this afternoon, and
the show of strength was satisfactory
10 sellers. Much of the interest CEN
tered in the preferred stock of the
Washington Railway and Electric Com
pany. upon which the usual dividend
has been declared and the books closed
so that the stock now sells ex-divi-
dend. First sales were around S3I.,
after which there was a sharp advance
TO So, and this price was steadily bid at
the close, none being offered under
S6i2. An odd lot of two shares sold at
So Thus the stock fully recovered it's
dividend in one day.
No sales of the common stock of the
same corporation were made. but the
bid price was ssh and the asking fig
ures e5.
In small way, Mergenthaler shares
were active. generally at ia. with an
early sale at l131s. The market keeps
on about parity with Boston on this
particular stock only.
The investment inquiry for bonds was
decidedly urgent, some of the banks
seeking employment for surplus funds
in this way Washington Gas 5s were
firm al 1041sa104A; Capital Traction
5s at 0612a106Ss; Washington Railway
As at SO$i: Chesapeake and Potomac
5s al 104 and Potomac Electric con-
= p
Stocks and Sterling Exchange.
Sterling exchange is at the lowest
point in the memory of the present
generation of business men. but this
is not taken to mean that England will
let go of her precious gold for export
TO the United States. On the contrary,
she will hold to it with tenacity and
when pressure is brought to bear the
account will be eased by liquidation of
securities.
Yesterday. sterling exchange closed
at 4S11z to 4.S1S on the English pound
Today the weakness was further ac-
centuated by>a break to 4.79. Paris
and Berlin exchange also fell sharply.
During the recent visit of English
economists to New York an under
standing was reached with American
bankers by which an equilibrium is to
be maintained respecting any move
ment OF gold regardless of values of
exchange, so that no matter how much
below the soid-importing point ster-
ing exchange may go. it doesn't mean
flow of gold this way.
Much lower rates are predicted un-
less the Bank of England offers no OBJ
stacies to the importation of gold from
Ottawa, Canada.
But Little Encouragement.
There is little encouragement to the
Spectator in taking chances in the
stock market at this time, knowing
that while United States factories and
mills are being rushed to fill European
war orders, theh payments therefor
VIII be made very largely by liquidat-
ing 1oreign-oWned American securities;
nor does the investor look with favor
on a market under such threat.
Only Two Dividend Cuts.
Dividend actions during the past
week have been very favorable, only
two cuts being made. while many cor
porations declared regular distribu-
tons. and one-the Calumet and Hecla
Sopper COMPANY. resumed dividend
last September it's shareholders re-
ceiving s. share distribution. Cana
dian Pacific, American Sugar Refining
and southern Pacific, concerning all of
winch doubts as to payments had been
expressed. made their regular declara-
tions- Southern railway passed its
preferred dividend, as had been ex-
pected. although there. were some
sharehoiders who hoped for at least a
Many corporations have not been a BILE
to make their dividends, and have
dipped into the surplus of fat years
for the necessary funds. With a satis-
factory business revival in the first six
months of 1915, the cuts will be COM
paratively few, but without the recov-
cry many investors are likely to be
unfayorably surprised.
Treasury Statistics.
Disbursements by the Treasury De-
partment for February IS exceeded re-
ceipts by s724.7Ss. making the excess
disbursements for the fiscal year to
date sss, 6.o09, as compared with ex-
cess disbursements of s45,9S4.696 for
the last fiscal year to the corresponding
date.
Bankers Association Meeting.
The District Bankers Association met
at the New Willard Hotel last evening
with George E. Fleming in the chair for