Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-07-09
more ACTION DEVELOPS
!, IN LOCAL SECURITIES
BY I A. FLEMING.

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Tranactions on the Washington Stock
merous and interesting both In stocks
and bonds.
The trend toward lower levels con-
tinues being more noticeable In bonos
and especially in issues that nave mere
tofore presented strong front
Brokers admit that the Intangible Ia \
is having its effect on investors, ana
that they are more than ever anxious
. to avoid this and other forms OF taAa-
ton in selecting investments.
Moreover, many local bonds have Tor
years sold at levels out OF line VITA
other markets on the same class OF So
curities and the present settling is In
accord with the weakness developed in
bonds in other cities.
High-grade local ) per cent bonds
for Years sold in Washington around
l06 to los and even to 10. entirely out
of ratio with investments generally.
Naturally when the price started
receding sales increased. and now levels
as a rule are nearer what they should
be- Attention has been called to the
high levels of recent years quite ire
Quently.
Washington Gas SIS found new low
prices today, when sales were made al
1O11a and then at 10O1a. Norfolk and
Washington Steamboat 5s likewise sold
off, dropping to 1914, while Potomac
Consolidated So brought SO and Rail-
way As 7SI2. American Graphophone
IS sold in the aggregate to the amount
of $4,000. chiefly In small lots. all al
1907
Numerous small lots of stock changed
hands. with an easier trend also no.
ticable in this section of the market
Capital Traction opened at Soa4 ana
sold off TO so, forty shares in all SELL
ing.
Railway preferred brought 19,a:
Washington Gas sales were at 1873. and
1914. while Mergenthaler was firmer on
small sales between 1869 and 1917.
A sale of an odd lot of National Capt.
tai Bank stock was recorded at go
Semi-Annual Dividend Declared.
The regular semi-annual dividend of
the Second National Bank, 3 per cent
is payable July 10 to shareholders OF
record July l.
The Next Bond Issue.
Local financial interests are discuss
ing the probable date of the next
bond issue of the United States gov
eminent.
At the rate of expenditure of the
proceeds of the liberty bond sale it
is believed that the second issue will
not be delayed beyond October. while
the theory that an announcement will
be made in September seems to find
considerable favor.
The use of Treasury certificates
through the regional banks of the
federal reserve system and through
of financing that was successful just
prior to the liberty loan. is still
available to the department, and its
y use might delay bond issue few
days or weeks.
Lackawanna Steel Earnings.
1t is estimated that the Lackawanna
Steel Company will show $7.000.000 net
earnings for the second quarter of the
calendar year.
In the quarter ended with March the
corporation showed $5,290,5S6 net. On
the basis of the half years net, the
rate on the stock would be about $40
per share for the year.
A large part of the earnings of the
corporation have been employed to-
ward reducing the floating Indebtedness.
the debt having been brought down
from SAL, sol 900 in 1913 to s32,114.500
Within the last two months Lacka-
wanna Steel has purchased in the open
market s2.500,000 of its own bonds-a
movement that is recognized In finan-
cial circles as always desirable.
Yearly earnings per share in 1911
were "a cents. In 1914 there was
deficit; In 1915. s6.93. in 1916. $34s1
This year the estimate rs placed at $40
share.