Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-06-22
EXCELLENT BUSINESS
IN LOCAL SECURITIES
Stocks and Bonds Both Sought After
By observation-disclosures First
Mortgage IS Strong.
Typesetters Also Display Firmness-
Greene Cananea Closes Mines
Virginia Bankers Meet.
BY I. A. FLEMING.

BY I. A. FLEMING.
Business on the local stock exchange
today WIS quite active. an unusually
large amount of bonds and number of
sales in the stock list being reported.
The buying was entirely for invest
ment and covered a fair range of the
usual stocks and bonds traded in.
Potomac Electric first mortgage IS
were the leaders in the bond section,
$1,000 face value changing hands at
106. which price was freely bid for
more. The consolidated 5s of the same
corporation were wanted, but as the
bid and asked prices were q of point
apart no record was made, 101 u being
bid and l02 asked.
Railway As We're strong at S15s, a
$500 bond selling at sex. American
Graphophone IS firm at 101, the high
point on this issue chesapeake and
Potomac Telephone IS brought 104. A
humber of odd lots of railway common
sold at "a to S2A, with the preferred
around S2L.
Mergenthaler was strong with sales
at 1885 the offerings being absorbed
at that price. Lanston was nominally
firmer. the bid price being S0M. none
offered under So.
Washington Gas was easier, being Of
fered at IS with Isl u the best bid.
Dividends Are Declared.
The Second National Bank will pay
the usual 8 per cent semi-annual divi-
dend on the first day of July to share
holders of record June IS.
Directors of the American Security
and Trust Company have declared the
usual quarterly dividend of per cent.
payable July 10 to shareholders of
record, June 80.
Junior Bank Officials Promoted.
A. NJ Nevius and r. V Fleming. long
time employees of the Riggs National
Bank. have been made assistant
cashiers.
Virginia Bankers Meet.
The annual convention of the vir-
ginia Bankers Association commenced
at Old Point Comfort this morning.
James D. F. Schneider. assistant
cashier of the District National Bank,
left last evening, while A. G. Chaplain,
president of the Commercial National,
and E. s. Wolfe of the District Ma
tional go down this evening.
Greene Cananea Copper.
Late news from the mines of the
Greene Cananea Company announce
that the entire working force has left
for the states and that operations
at the mines have entirely ceased.
The de facto government has ordered
the property protected during the sus-
pension.
Suspension at this time means a re-
duction in the available copper supply
OF 100000 pounds a month. which loss
will be increased by the closing of
other mines to 100000 pounds.
Spectators and Wall street broker
age concerns are greatly interested IN
the mysterious disappearance OF mil
lions. tens of millions and hundreds of
millions of dollars of earned profits. re-
ported to have been made on munition
orders, by the numerous corporations
engaged in executing alleged fat con-
tracts for munitions for the allies.
For months the tale of the great
profits has been not twice told, but
often reiterated on the street. and the
nicely. as so many per cent on the COM
mon stock of the various producing cor
porations.
On the strength of these magnificent
gains the war brides scared and
climbed in price. fortunes were gained
and splendid dividends were counted
and banked even before they were de-
clared.
Some wise holders of these specialties
started getting out of their specula-
lions. taking profits on stocks. while
others less schooled in the ways or
the street waited and hoped for the
fiat dividends" scheduled to be even up
TO $50 or $50 a share.
II Is now dawning on the street that
rnunition contracts were not let at four
TO six times their actual cost.
The Crucible Steel Company. one of
The corporations accredited with gigan-
tic profits. declared the regular divi-
Aend on the common shares a day or
two ago. and then paid one-quarter of
] per cent on accumulated back divi-
dends of rs per cent, on the preferred
shares, Indicating. in this action. that
in exactly one century, IL war is suffi-
GENTLY lasting and frequent. to pay off
the deferred dividends on the pre-
ferred, before the common stock would
be entitled to any distribution. even on
q modest basis.
Westinghouse Electric. with unlimit-
ed. advantageous contracts. declared
the same dividend that 1t has paid In
times of piping peace. despite the con-
tracts for hundreds of millions of dol
lars. OF which Westinghouse was one
OF the largest producers.
Wall street, never patient. always
fairly optimistic only. is at sea. 1t
wants TO know, Where have the mil
Hons gomez?
And the skeptics expect more denoue-
nents of the same kind. and will have
nothing to do with the erstwhile highly
priced war brides.
Condition Of the Treasury.
The condition of the United States
Treasury yesterday:
Net balance in general fund. S147.-
s65.es1.
Total receipts. $4.177.2o5.
Total payments. s2.451.012.
The deficit this fiscal year Is s29.331.-
q5s. against a deficit of s103,093,73s last
year, exclusive of Panama canal and
public debt transactions.
OIL STOCKS.
ouo.ations furnished by W. B. Hibbs Co.
Bid. Asked
An1ia. American Oil ,,............ 1JX iSL