Evening star., 1917-01-14
BY I. A. FLEMING.

The anual report Of the Capital T-ac-
,tion Company. submitted to the stock
holders of the corporation last Wednes-
day. was a source of satisfaction to
the shareholders. as ic plainly inci-
Gated the turning point in decreasing
earnings and gave promise of ability
to maintain the present dividend rate
without question. That the $4,000
gain in gross earnings was turned into
a small deficit net caused no uneasi-
ness. as all conservative shareholders
desire that their property shall be
maintained at a high degree of excel
lence.
That the company should show such
satisfactory gain In year marked
by a strike is assurance that larger
earnings are possible in 1917; indeed.
the days of the year so far passed
have indicated that this will be fact.
Shareholders Of the Washington Rail-
way and Electric Company are en-
couraged by the increased earnings OF
one system to look for better results
on the other. Should the report OF
the Washington Railway and Electric
Company at its annual meeting show
satisfactory earnings, present prices
may look very cheap.
Some of the leading financial men OF
the city have gone on record as De-
lieving that the public utilities COM
mission will give the Capital TRACTION
Company clean bill Of health as 10
capitalization, stock and bonds.
Civil Service Dominant.
In banking circles in washington
civil service rules prevail almost ex-
clusively. Ofices are filled from the
rank and file: positions as tellers ana
of trust in banks are filled from the
bookkeepers and clerks.
At recent elections presidential va
cancies. vacancies in cashier and vice
nresidential positions and assistant
cashierships were all filed by the al
vance of employees and not by importa-
ticn of banking talent.
1t Is to the credit of the junior oanh
officials that they are fitted to advance
when the call is made. and unques
tionably the Washington Chapter OF
the American Institute of Banking IS
the vehicle by which preparedness mas
been advanced
"Pep" Out of Wall Street.
The New York stock market has ap-
parently lost it's pep" and has settied
down to limited professional trading.
The dear public has been again elimi-
mated and has little but misfortune 10
remember out of all the great pronts
made in the earlier days OF the rise In
stocks.
Nor is the public holding the bag.
The stocks are in the hands of bank
ers and other strong interests ana tne
manner in which the market is being
manipulated these days would Indicate
that they propose to stop any imitation
and have the means to do 1t, through
peddling out stocks on rallies, wniie
they also have the power OF checking
declines by buying them back OF weak
spots, support being forthcoming when
necessary to check bear operations
This has been evidenced a number OF
times during the past week and always
Just when needed.
Even the railroads have iacked
strength and support. With very satis-
factory earnings. gross. cut down oy
increasing expenses, they continue neg
lected by the investor. and no attrac-
tion to the speculator.
The market for rails. especially, mas
the appearance of being glutted with
offerings, probably representing the
enormous return of shares from Europe
in the days when the market was ap-
parently digesting the importations OF
stocks with the greatest ease. Billions
of dollars. worth of securities, largely
rails. came from the safety boxes oil
the foreign holder, through his gov
ernment's need, and they have probably
not been digested.
When the General Motor Company
gave fve shares of stock for one share
of old stock every shareholder turned
to the market in an effort to be the
first to licuidate, and smashing de-
clines followed.
The street is in suspicious mood;
extra dividends lead to speedy selling.
anything in the line of stock issue
is looked upon as needed financing, and
liuuidatf results. 1t does not look
like the time to be buying stocks for
speculation.
The Worlds Stock of Gold