Evening star., 1916-12-13
Finance and Trade
WASHINGTON NEW YORK, LONDON
EASIER TREND SHOWN
{ IN LOCAL SECURITIES
-
BY I. A. FLEMING.

1t is within the probabilities that the
big break in the New York stock mar
kee has, indirectly. influenced unfavor-
4bfy the local security situation.
yWashington people have been specu-
1Ating during the entire year to a
greater extent than ever before That
MANY of them have been caught in the
slump in prices is but natural and that
they may have been forced to dispose
OF other holdings to furnish margins
IS also within the possibilities. The
local market is never favorably affect
ed by bull movement in New York.
but usually weakness there brings con-
Cessions here.
A number of ten-share lots of Capt.
tai Traction stock were sold today at
SO, full point off the price prevalent
yesterday. while the bid prices for other
public utility stocks were invariably az
lower levels. A few shares of WASH
1nGton Gas sold at T1s. which. with the
Capital Traction sales. represented
about all the business in stocks.
Potomac Consolidated 5s sold at
101a4. drop Of 4 of point: George
town Gas 5s brought 104&: Washing
ton Gas 5s. 107. just a fraction off from
the last previous sale; Potomac frs. SIS
sold at 105: Norfolk and Washington
Steamboat SIS. at 1851. and Grapho-
gHOiiS W. a. iV- u anu ~ ~ ehS ih eSi
for small bonds
allies. and the paying point as we'll.
This has accounted for 1921. 100000 of
the shifted holdings of gold which has
been distributed to the regional banks.
Philadelphia. Dallas. Kansas City and
Richmond showing the lar gest gains in
gold holdings, and Chicago a loss of
$5,140.000.
Thus the desires of the federal re-
serve board to have control of gold
has been partially gratified,
Coal Company Organized.
"A number of Washington and Balti-
more capitalists have organized a cor
poration. to be known as the United
coal mine near Savage, Md. The capi-
tarfs to be 100000.
Frank Ehlen of Baltimore is to be
president of the company. Tucker K
Sands, Frederic Pyle. Ralph Barnard
and Charles Selden, jr.. are Washing
torians interested in the project.
Want Small Currency.
For years there always has been
scarcity of small bills, ones and twos,
at cro2-moving time: now there is
scarcity nearly all the time.
Many bankers are urging their rep
resentatives and senators in Congress
to- pass law for the issuance of bills
of.small denominations in addition to
the-ones and two and fives of the pres
ent issue
One of the chief troubles these days
Is in the making up of pay rolls. where
there is an enormous demand weekly
and biweekly and bimonthly for all
kinds and denominations of small bills
and silver. The increased pay rolls in
crease the trouble in furnishing the
needed denominations.
Southern Railway Earnings.
Southern railways gross earnings for
the first week in December were ST.
672.Sso. an increase of s2ss.oS6, as COM
pared with the earnings for the same
we~k II 1915. F'ron, July l to Decem-
Der the gross earnings were $34.402-
S0S. an increase of s4.329 325 over the
earnings for the same period of the last
+. nsSai year, A gain OF 14.39 per cent.
Big Business on Credit.
Proof that the great business of the
world is done on credit: that millions
OF obligations are settled with the pay
ment of little money. is found in the
fact that the federal reserve banks. in
their check collection system, collected
between May 20. 1915. and November
70. 1916. an aggregate total of s5,s57.-
$4,000. and that settlements were
made with an exchange of gold owner
ship between the twelve regional banks
Of the system of but s2ss. $50, 900, or
: ga per cent actual cash in the trans
actions
Avery Ia III,
been withdrawn from New York city.
the distributing point for orders of the
" B. and A. Preferred Dividend.
Directors of the Washington. Bal,i.
more and Annapolis Electric Line have
declared the regular preferred dividend
Tor the quarter, u per cent, payable
Decesnber 80 to shareholders of record
December Is. Earnings of the cor
pofatfon are said to be excellent and
there is every prospect of the dividend
rate being maintained.
-. Purely Personal.
Nathan b. Scott. former United States
senator and president of the continen-
tai Trust Company, will leave tomor-
row morning for California, where he
will. remain until spring.
Christmas gifts of $40 were handed
to each employe of the trust company
by. the president this afternoon.
Increase Annual Bonus.
The Commercial National Bank di-
fectors have increased the annual
bonus TO be given to each empioye Of
thu. bank from per cent of salaries
to per cent. This means that an
employe drawing $1,000 annual salary
will receive $50 bonus, and in that
ratio fo- all employees. The directors
enlarged the bonus because of the sue
cessful year just drawing to close.
Condition of the Treasury.
The condition of the United States
Treasury at the close Of business yes
terlay was:
Net balance in general fund, s124.-
37s.5s7
Total ordinary receipts. s2.5s5.s7s.