The Washington times., 1917-01-17

Decided improvement in demand
for both stocks and bonds marked
trading at today's session of the
Washington Stock Exchange. Al
though stock sales were scattered
and were principally in odd lots, there
was evidence Of a decidedly better
feeling, and fractional advances were
made in the prices Of practically all
the more active issues.
Strength of Washington Gas stock
was particularly noticeable, odd lots
selling at II and Il u, ex-dividend,
while the bid for quotation lots OF
the stock was advanced from 20 TO
IN, and the offering was ADVANCED
to y. This is the highest bid for
gas for several months, and indicates
q feeling of confidence in continued
good earnings despite the reduction
in the price OF gas.
Odd lots of Railway preferred.
totaling 80 shares, sold on a scale up
ward from sax to S2A. and the stock
closed with S2& bid for quotation lots
and s2x asked. The bid for the COM
mon stock was advanced q point to
II with none offered. Twenty shares
of American Graphophone common
stock sold at 1s1 and 1s0. and the
stock closed with 15s bid. 1s1 asked.
This compares with a bid price yes
terday OF 155. One-tenth of q share
OF the preferred stock sold for 156.
Ten shares Of Commercial National
Bank stock at 192 concluded stock
sales.
Although there appeared to be little
demand for bonds during the regular
l. o n@kA
mac Consolidated SIS at 101k, II de-
a number OF bond orders for execu-
tion. A total of 5000 Traction SIS
changed at 1os% and 1861. $500
Washington Gas, 6's brought 1o6h,
and a $500 Railway 4 sold at san.
There Is considerable talk among
those interested In the stocks Of the
American Graphophone Company to
the effect that when the directors
meet in February q fat extra divi-
dend is to be declared.
1t IL further rumored that the divi-
dend will be in the form Of additional
stock. There seems to be ample
grounds for the stockholders' expecta-
tions. The company's business for
1915 is known to have been most salts
factory, reports from q reliable source
placing earnings for the year at 100
per cent in excess Of those for 1915.
In 1915 the company earned 81 ,S62,-
657, which Is equivalent to 3S.75 per
cent on both the common and prefer
red stock. The. dictaphone, which is
American Graphophone Company,
contributes no small amount to its
earnings. 1t Is reported that there
are row 10000 dictaphones in use. II
Is estimated that sales of dictaphones
in 1915 were fifty per cent greater
than in 1915. American Graphophone
preferred participates with the COM
mon as to dividends, after per cent
Is paid on both stocks.
No decision has yet been reached
in the matter of the rate to be de-
clared on the common stock Of Beth
lehem Steel Corporation common at
the directors meeting next Tuesday.
Charles NJ. Schwab is said to be hold
ing conferences with certain large
shareholders for the purpose of TX
ing a rate that will be agreeable to
the majority.
Surplus Of Republic Iron and Steel
Company available for common stock
last year was equal to S4b a share.
For the past three months 1t is un-
derstood the company has been pill
ing up earnings at the rate Of around
$40 a share on its common.
Interests identified with the United
States Industrial Alcohol Company es
innate that when final figures of the
Cuba Distilling Company are included
In the parent company's results for
1915, the total will run close to 81,
900 900. This would compare with to
tai profits in 1915 Of $3.9s7,574.
Underwriting applications to the
United States Rubber $50 900, 600 bond
issue have come in to such an ex
tent that the general allotment to un
derwriting participants will be nc
larger than 30 per cent or go per
cent or the total applications. Under
writing applications are usually
fair index to investment demand for