Evening star., 1916-10-18
Better DEMAND FOR
!. LOCAL BOND ISSUES
Washington Gas, Graphophone and
Potomac Consolidated Issues Are
{ Favored by Investors.
BY I. A. FLEMING.

The local security market showed a
Aeci6ed change for the better on to-
DAYS session of the stock exchange,
..v,val in the investment demand for
h,rd. producing a fair aggregate OF
business.
The market generally showed hrmer
Rome, and stocks, while not moving Win
INV freedom. were appreciably better.
Warrington Gas SIS sold at 1o6, Graph-
cntone- ss at 1929 to 1oe&. Potomac
Consolidated 5s were firmer, selling TO
ao1H.
CAPITAL fraction shares moved up to
SsN on one sale. with the asking Ptioe P'S
on quotation lots s.: WIN ~ 20 & hid: the the
Railway common nominal at o. oi"' 'A'
small lots of bank shares sold al
141N. and 141E for District Natlona.
and 275 for National Savings ana trust
Company stock.
Gold Imports.
Another $1,000, 900 gold from Canaua
was received at the assay office To-Day
making $4,000, ,oeo so far this week.
Southern Railway Matters
Washington interests in Southern rail-
way are decidedly important. much OF the
stock both common and preferred, be-
ing owned here and more OF the oonos'
especially the As, which have been prime
fayorites with investors and not rev
taken by bankers familiar with the prog
ress Of the road.
The feeling that some nending financing
will be of value to the holders OF the per
cent bonds has become practically GER
tainty, although any increased rate IN
interest would naturally require lessen
ing of security the compensation for the
increased payments being the privilege
OF a larger mortgage, if such financing
is undertaken.
Southern railway enjoyed its banner
year in earnings during the fiscal year
ended June 80, 1916, brought about large
Iy through reduction in transportation
expenses.
Earnings last year were over 15 per
cent on the preferred. but no dividends
are being paid. although President Har-
rieon suggested ability to continue pay
ments indefinitely, when resumed
Conservative as the directors of
Southern railway have shown them
selves to be, the opinion is freely eX-
pressed that they would have restored
the dividend on the preferred stock i'm
mediately but for the fact that there
are $15.000.000 of notes maturing in
February and March of next year.
Last years maintenance rate was
the lowest of the companys since 1909
and l. Al per cent below the average of
2s.06 per cent for the previous seven
years average. On this basis some
authorities are basing the average in
normal years about 81 100000 in excess
of PISS per cent. the rate of the last
fiscal year.
Personal Mention.
Nathar-B. Scott. president OF the Con-
tinental Trust Company, has returned
from he White mountains.
A. =. Clapham, president of the Com
merciaI National Bank. is home from a
New York trip.
Ten directors of the Bankers Trust
Company of New York. each a vice
president or president of some large
banking institution in New York. have
resigned, by reason of the Clayton law.
Condition of the Treasury.
Condition Of the United States Treas
ury yesterday: Net balance in gen.
eraI fund. s15S.95s.4s3: total receipts,
$1,65I,73S: total payments. $4.134,927.
The deficit this fiscal year is S74.-
S44,27s, against a deficit of $43.475.748
- aS Do