The Washington herald., 1913-08-16

showing a surplus bond discount approx
mating per cent on the preferred stock,
comes the report OF the Southern Rail-
way for the same period. showing at
least l-2 per cent earned on its $l20,OOO,-
OO0 common stock.
Gross earnings aggregated 6s,52s, $50. an
increase of $4,s3s.l62 over 1872. The per-
centage gain last year was f.I6 per cent,
against 5.6 per cent
Net earnings after taxes increased
$sis,lg anu $34s,242 respectively. for the
last two years, or Ls9 per cent gain in
each case Operating expenses wes le-
cidedly higher in the last fiscal =.
consuming 7o4 per cent of gross, a..-.nst
6S7 per cent in the preceding period.
Expense of operation in 1913 was s!S,2IS,-
ss3, while in 1872 it was si3 ss6. 236, SO that
of the increase in gross Of ~ ,162 last
year A.50.eS went into cost Of operation.
Taxes were but little greater.
With an increase in gross revenue OF
nearly 11.2500oo. or almost 20 per cent.
in the last four years, expenditures for
maintenance and way and OF equipment
show a more than equal advance run
ming. in fact, close to Is per cent in the
So me time.
stocks In slump.
Wall Street suffered a market setback
yesterday.
There is no question but what the high
prices for corn and the actual damage
that has been sustained by the growing
crop, coupled with the outlook for the
harvest, has been responsible for check
ing one OF the most promising looking
booms of the current year-not a year
of plenty, from Wall Street stand
point
London sent cables of lower prices and
dissatisfaction, 50 that our opening
quickly reflected this condition, drops of
cne-half point throughout the list marx
ing the initial trading
Following this decline buying orders
developed, in sufficient quantity to tuln
the tide and recovery equal to the
earlier loss, and practically to the closing
figures of Thursday was easily made.
But continued strength in corn, drought
and 1O1 temperatures were potent inil'i-
ences. and once again the list started on
Ihe retrograde movement and STOPPED
with the tap of the O'Clock bell at
about the lowest figures of the day.
Point declines were the rule in the
leaders, LAS in the less active securities.
There were no other influences at wol X:
gossip centered entirely around the ccrn
crop, its chances with the elements and
its effect on the earnings of railroads
rain was reported, but in other sections
il was stated that it was too late to save
the corn, rain or no rain.
This means lean year where there
has been nothing but unbounded pros
Ierity for years pasta helpful. hopeful
section of the country, where optimism
breeds, and where the east has frequent
ly drawn its inspirat ton, its text 70:
prosperity talk
Declines.
Copper. rs: Smelling. s: Locomotive.
~: Anaconda, .Atchison. Atlantic Coast
Line, Reading. Union Pacific. Southern
Pacific, st. Paul. Wabash. National Lead.
and many stocks point of. Steel lost
rs and Union Pacific IL. going back to
1928. Rock Island issues were weaker
and Is lower.
Local Securities.
Railway shares were ex-dividend YES
terday. little Railway preferred sold
at 81, equal to S1-4 dividend on. Like
wise a little Traction sold at lis S-iall6
There was some demand for Gas at
under 81 and 81 might have been OBJ
tanned. but stock was held a little firmer
Continental Trust showed more strength
at l19al20 is for small lots; nearer the
book value than any recent transactions
JS edSeQ 10 ~ Is,
the low for this high-grade issue. Trac-
ton IS, 1O71-2.
MerEenthnler Earnings.
An official of the Mergenthaler Com
pany says that the six months since
February / had been the best in the
company's history, and that the earnings
for the present fiscal year ending Oc-
tober l will be y per cent ahead of the
corresponding period last year. II busi-
ness keeps up at the present rate, the
net earnings for the year should run
more than S,50o.000. an increase of s.Oo,-
900 over last year. This would equal
q per cent on the sl2. 1SS. 400 outstanding
capital stock, as against the q per cent
earned last year. The present dividend
of Is per cent, which has been paid since
1892, will not be changed.
Other Financial News on Opposite
I Page.