Evening star., 1916-09-28
EASIER TREND SHOWN
IN LOCAL SECURITIES
Capital Traction IS Only Exception,
They Holding Firm-May Indi-
cate Shifting Investments.
SFranklin National Bank Increases
Dividend to Per Cent Basis
Railroad Earnings.
BY I. A. FLEMING.

There seemed to be an easier trend
to local securities, and especially to the
various bond issues, on the Washing
ton Stock Exchange today. with the one
exception of Capital Traction 5s. which
remain near the high record for the
year. at 1919. indicating the high favor
which local investors accord to their
favorite issue.
The volume of business was some
what lighter also. Chesapeake and
Potomac Telephone SIS sold at 1045s i.
Potomac Electric Consolidated 5s at
1011s and moderately large block at
1o1h A small American Graphophone
s sold at 1011t
Small Railway As sold at So and full
bonds at 81 Il to S1a4
Brokers offices with private wires to
New York have been crowded during
the entire period of excited speculation
IN Wall street 1t has been a difficult
matter to direct investment and specu-
1ation, many would-be buyers having
no idea of what they wanted, other
than to make money.
II is within the probab biities that some
OF the bond liquidation has been the result
of shifting of trade from the lCcaI to
the New York market.
The stock list was exceedingly slow. A
few shares of Capital Traction sold at
81: thirty shares of Railway preferred at
S1A. recession; small lot of Washing
ton Gas at IO12 and quotation lot of
sSecond National Bank stock at 143.
Quite a business has been transacted
by brokers in the last few days. some
here but more elsewhere. in changing
Graphophone common stock for the pre-
ferred, with a cash bonus of to points.
Both the common and preferred are en-
titled to the same dividends. SO that there
would seem to be no legitimate reason for
a difference of seven points in the bid
price in favor of the common stock as
there was today
Union Pacific's Big Earnings.
Union Pacific for August showed an
increase gross revenue for August, 1916,
Of $4,000 900 and an increase in operating
income of nearly $1,000
For the two months of the fiscal year,
July and August, the operating income
increased s1,57s,46s.
Increase in Dividend Rate.
At meeting of the directors of the
Franklin National Bank. held yesterday
afternoon, a quarterly dividend of l p
per cent on the capital stock of the cor
poration was declared, payable October
1 to shareholders of record September
2s.
The declaration marks the entrance
of the Franklin National in the list of
per cent dividend payers dividends
heretofore having been on a per cent
rate. Officials of the bank feel that the
increase in the distribution is fully war
ranted and will be maintained
Union Savings Bank Dividend.
The regular quarterly distribution of
the Union Savings Bank. payable Octo-
Der / TO shareholders of record of that
date. has been declared, 1 u per cent
President Cooper of the institution is
spending the week end in New York
city.
U. S. Savings Dividend.
Directors of the United States Saw
fngs Bank have declared the regular
dividend of Il y per cent for the quarter
ending with September Books do not
close for the payment of the dividend
B. and o. Earnings.
The earnings of the Baltimore and
Ohio Railroad Company for the month
of August show decrease in the net
operating revenue of sI26353, as COM
pared with the same month of 1915.
This was brought about by large in
creases in every item of maintenance
and operating. the added expenditures
cutting down gross increase of ST.
201,S72 to the small net loss The total
operating revenue was s10,550229
For the two months of the fiscal wear
ended with August the gross operating
revenue increased s2,684532 but the
largely increased expenses cut the gain
Adown for the two months to net loss
of $116,216.
Condition of the Treasury.
The condition of the United States
Treasury at the close of business yes
terday was:
Net balance in general fund $751;
s43,201.
Total ordinary receipts S1146224
Total ordinary payments, s2.4s7,236.