Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-03-12
FINANCE LOCAL AND OTHERWISE
the price the day that stocks and bonds
are denosited

the price the day that stocks and bonds
are deposited.
Return Local Issues.
In the mobilization of American Sc
curities the British government has
gathered in quite a block of Washing
ton bonds. in the aggregate something
over $3.50, 200, Capital Traction s. FORM
ing the bulk Of the issues. They have
been sold over the counter and on
I effect on a market as extremely mar
| row as this.
| Greene-Cananea.
| For the first time since the Cole-Ryan
syndicate assumed control of the Next
can copper properties, once owned by
| the late Col. William c. Greene, the
mines and plant Of the Greene-Cananea
| Copper Company have been able to get
up to and maintain capacity produce
| ton. This should result automa dcaily
| in adequate returns upon the invest
ment of approximately 100000, which
| the present management poured into
the Cananea camp in extensions and
| improvements.
The February output of moro than
| s, 900. 900 pounds from the Greene smell
ter was the largest but one In the com :
pany's history. The record holder is
January, a long month, against a short
month. With the same number OF
working days last months yield would
have established new high record Tor
the company. .
There follow in detail comparisons of
the two best months in the Greene
company's career to date and of the
results for last January:
Cooper. tsilver. tGold.
February 1916 sss9 SS 1s1 ss s4
Isnuary isiS... 100000 1858 79s
'Pounds. tOunces.
One section of the converter has been
installed with oil fiotation and the sec
ond section will be so equipped shortly
With oil f1otation in full operation at
the plant an Improvement in copper re-
coyery should quickly follow. This in
stallation will also permit of the treat
ment of Cananea-Duluth ores. bringing
that mine back as an important produc-
ing factor of the company. The recov-
cry from those ores with the water flo
tation, such as was formerly in use,
was never satisfactory. owing to their
peculiar characteristics.
The Oversight mine has been the
principal ore contributor to production.
although the Capote and Veta Grande
have also been furnishing heavy ton
nages. All told the Greene company has
in operation about eight mines.
High copper prices have proved
bonanza for the company as for all other
copper properties. With a cost of pro-
duction close to 10 cents a pound
it is understood that Greene-Cananea's
monthly earnings exceed a quarters
dividend requirements. Under these
conditions an increase over the present
rate seems likely in the near future.
The Exchange Market.
81
American business men than ever before
is interested in the movement in foreign
exchange, because of foreign trade or
war orders in which they are taking
part. And it may be supposed that many
merchants in domestic business are also
following the course Of exchange In
these times. when its significance Is OF
much Importance in a number or ways.
Sterling exchange remains around the
levels which it has held steadily for
weeks. The par of exchange in London
is 4S6ss. Sterling at present. around
4.76A, is, consequently, at discount of
about per cent. The Bank of England's
statement this week shows a reserve
ratio Of 27A. advanced from last weeks
81, and the highest since last November.
The banks gold reserve has been in
creasing each week for the last two
months. This week there was small
decrease ($156.000). but during the week
the bank has shipped out several mil
lion dollars in gold to India and to Ar
gentfna and Spain.
London is today the only market
among the countries at war except that
of Japan, which is meeting it's CONNER
cial obligations in gold.
The Bank of France reports increase
in gold of $3.50. 900. Its present holdings
in gold are $1,003. 77s, 500. and in silver.
s72.105,200.
Its circulation has increased very
heavily since before the war. 1t ran up
this week s37,900.000. and is 81 $50, o00,
900 above the last week in July. 1914.
This imitation is. of course, reflected in
the rates Of exchange. Francs are sell
ing around 5.91. with 5.1Sh francs to the
dollar the par quotation. This means a
discount of around II per cent on French
currency. German exchange is around
72A-a low record quotation. The par of
German exchange 3 95.2 cents to four
marks. This makes a "a per cent dis
count on the German currency.
On the Stock Market.
j. S Bache Co. make this comment
on the market:
THE situation in the stock market is
an interesting one The public has car
ried much Of its stocks down from the
highs of last year. Probably the average
ten to fifteen points. But there is no
disposition to sell out and take the loss
There seems to be a persistent confidence
in higher prices eventually. And as has
been frequently remarked. the public
which is in the market margin seems
perfectly well able to care for its ac-
counts Brokers report many instances
where. when margin has been called for,
the customer has voluntarily put up dou-
BILE the amount. This would indicate
that considerable part of the public is
able to pay for it's stocks outright. In
this respect it becomes associated in the
capitalistic class, and II large enough
proportion of the people holding stocks
should take them out of the market this
would break the long deadlock in prices
IDENTIFY expected in the future.
1.-THE good statements of large earnings
for last year, which are now coming out
few of which are at all disappointing and
many of which are beyond expectations,
would further bolster up tho confidence