Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-02-02
BETTER TONE SHOWN
IN LOCAL SECURITIES
BY I, A. FLEMING.

On today's session of the Washington
Stock Exchange. the bid price of tSic
on Railway and Electric common shares
was renewed. ard responses were made
by sellers for a total of so shares. all
at 1S1s. This price is > points above
the low of the year to date, but 1t is
IL points below the recent bid values.
with the exception of yesterday. when
.Si2 was the best made.
Capital Traction shares also moved
rather freely. 81 shares selling at S41s.
The local market showed firmer
tone, at variance with the weakening
trend of yesterday. for which there was
no good reason other than the debacle
in Wall street.
Railway preferred moved sparingly
at S3A.
The typesetters were heavy. Mergen-
thaler at 1917 and Lanston at 1914,
sales being made at both these figures.
Washington Gas, II bid and ~ asked.
In the bond section Railway As
brought 81 q. Washington Gas 5s. 1862
Traction IS. 1864, and a small bond OF
the American Graphophone. 102A-
Utilities Earnings.
Power Company during 1916 manufac-
tuTeu ana sofa product 10 the iHiouHt
Of s2.4s2.473. at a reported expense of
$1.653,230. The company paid out in
dividends s1.025.7S4.
The receipts of the Washington Rail-
way and Electric Company from pas
senger traffic in 1916 were s2,157.63s, as
compared with $2.093,3s2 from the
same source in 1915. The total re-
ceipts were s3.27s,049.
The Georgetown Gas Company paid
$4,000 in dividends last year and made
NET Drof1ts Of S45569
Revenues of the Washington Gas
Light Company for 1916 totaled $685.
296 and expenses $1,653,23O. The reve-
nues Of the company in 1915 were
The City and Suburban Railway
Company earned $603,527 at an ex-
pense of $536,597 in 1916, and paid $685.
$50 dividends.
The East Washington Railway Com
pany made net profit from 1916 OPP
erations of $1,093.
The Money Plethora.
The February circular of the Ma
tional City Bank of New York has this
to say on the condition of the money
market:
THE year starts out with money
much the cheapest commodity or form
of capital in sight. and If the business
community attempts to use these
abundant supplies the effect will be to
lift wages and the prices of all ma
terials still higher. Already complaints
are coming from manufacturers that
profits are being curtailed by rising
costs. and some people who were per-
fectly sure year ago that the country
could not have too much gold are now
not so sure upon that point. The circle
of rising wages and prices narrows as
1t moves upward, because everybody's
income and purchasing power does not
t. h n ND
prudent men hesitate to make capital
Investments on an inflated basis. The
statements of country banks show that
they have more deposits than they have
use for in their own localities. Their
reserves are more than twice the legal
requirements. and Notwithstanding the
transfers to the reserve banks during
the past year they have more now re-
naming with their old reserve agents
than they ever had with them before.
There never was a clearer case OF
country gorged with money The sit
uation is about the same in the Scan
comparatively small scale. more easily
comprehended, and the importation OF
gold has been either prohibited or pc
nalized Persons who have credits
abroad are told not to bring gold home.
but either to bring commodities which
will relieve the stress of high prices.
or to invest their capital abroad. When
every available man and machine Is
done with money? 1t becomes slim
ulus to imitation instead of an aid to
industry.
Business has been so good during
the past year that great many pro-
ducers have accumulated large profits
and are more independent of borrow
ing facilities than heretofore. They
are conservative about dividends and
intend to keep themselves forehanded.
At present they are needing more
liquid capital than ever before to
handle current business on account of
the high prices. but as the crest of the
Industrial boom passes and prices be-
gin to subside it will appear that a
great surplus of money exists in this
country"
:. Condition of the Treasury.
The condition of the United States
Treasury at the close of business yes
terday was:
Met balance in general fund. 96.0os.-
~.
Total ordinary receipts. s2.002,291
Total ordinary payments. s1.242.6Ss.
"rhe deficit this fiscal year is s13S,-
Wis. against deficit of s51.331. 1874
elst year. exclusive of Panama canal
Ind public debt transactions.
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