Evening star., 1916-09-24
BY I. A. FLEMING.

With the wonderful bull market on
Wall street attracting the attention OF
spectators and investors alike, great,
broad trading session being reported
each day, with the public on the
bull side to a greater degree than
at any time since the panic of 1903, our
own local market Is still fioundering
around, with splendid dividend payers
selling at very low prices and with lit
tie prospects of anything better in the
near future.
Capital Traction, a per cent diVi-
dend payer, is quoted around S2h; Rail-
way common, per cent dividend pay
er. quoted at so. and the preferred
shares of the same company at 81 Y.
The two first named shares are about 6
to points lower than at the close of
business in 1915 and have shown no
sympathy with the great Improvement
in business generally.
In times of panic on the New York
exchange attention has frequently been
called to the fact that the Washington
market acted without reference to the
uneasiness and decline in values there.
Physical valuation arguments, public
utilities commission appointed and an
unexpected cut in the price of gas prod
taken the very life out Of the local
market.
What the ultimate effect of the phys
ical valuations and the rulings of the
commission may be time will tell, but
the local market is likely to remain
improvement, until something is def
nitely DECIDED regarding the future Of
the traction companies. 1t is within
the probabilities that 1t may result
ton companies. Business for both is
excellent, despite the competition Of
the automobile, and the year should
show larger net unless the expenses
of litigation cut into earnings seri-
ously.
The business on the stock exchange
in the leading stocks is but a fraction
of the trading of 1915:
Earnings of the Washington Gas
Company continue to increase with
each week and month. Hundreds. al
most thousands, of new apartments IN
recently constructed buildings, all fit
ted with modern radiators, will con-
tinue to add to the consumers OF gas.
1t is possible the gas companies may
take the recent cuts In gas to the
turn, as indicated by the Supreme
Court in the Consolidated Gas case.
6 per cent on valuation OF property,
cannot be made.
1t is within the probabilities that
the case involving the right of owner
ship of the 3,000-odd shares of George
town Gas and rights to dividtnds may
be decided in the near future: 1t Is
also possible that the Washington
company may be ordered to divide its
holdings among the share
holders Of the Washington Gas Com
pany.
the stock of the latter corporation.
Then too the utilities commission may
find the 75-cent rate on gas too low, al
though this is scarcely a possibility.
1t IS also within the probabilities that
the cut in gas may be appealed to the
courts on the question of fair returns
on valuation, after the manner OF the
The Washington Gas Company contin-
ues to do a larger business with each
day. The occupation OF hun
dreds of apartments throughout the city,
fitted with latest gas appliances. must
greatly enlarge the consumption. me
loss on gas supplied the government Will
not be so very heavy. as the consump-
ton is not large in many OF the build
ings.
When these matters are all settled,
possibly when the various street rail-
roads have been consolidated on some
basis satisfactory to the Commissioners
on the utilitie board. and harmony es-
price levels may be based on
dividend payments.
Then. too. the coming session or Con-
gress may have the goodness to yieid TO
suggestions for the repeal Of the four.
tenths of / per cent intangible personal
tax, which would help some.
Interlocking Directorates.
1t looks as il the federal reserve board.
in granting such large percentage OF
the applications made for the privilege
Of holding dual bank directorships, that
1t was the intention Of the board to deny
big banking corporations the right to
have representatives on other boards of
big banks-which would be the real spir-
1t of the law as suggested when the
Clayton law was enacted-to curb the
so-called money power.
Under their ruling director of bank
as big as the First National or of the
Continental Commercial Of Chicago could
not be directors in any large New York
and vice versa They are SO
large they are Of nationwide influence
and Importance.
In washington there will be many
before October 16-and
many Of the vacancies will not be fill
ed until the annual elections in jan
uary and at other stated periods.
New York Exports for August.