The Washington herald., 1913-10-16
Markets, FINANCE, COMMERCEI

of and including Johnstown, is to be
made by the Interstate Commerce CON-
mission, according 10 n formal announce
ment made today. The commission expects
to fix the grouping of points Of destina-
ton and the relationship OF rates to the
several groups. Complaints have been
made in this matter. alleging undue IA
ivorable conditions to the United States
Steel Corporation,
The Chicago and Northwestern has di-
vided an order for 2,5OO steel gondolas be-
tween the American Car and Foundry
i Company and the Western Steel Car
Company, and the Burlington has ordered
500 steel underframe freight cars. This
total will require about 5000 tons Of
steel plates and shapes.
! The settlement OF the question OF the
New Haven's finacing removed a load OF
uncertainty from the market. as 1t had
been the opinion of practically every one
in Wall Street that the company would
have been placed in a very embarrassing
position had the commission refused to
sanction the proposed bond issue.
| Unless the present cold wave moving
down into the cotton belt develops sufi-
clently low temperature for frost scare,
the chances are prices will go still lower
before the market gets in position for a
| fresh upturn. As consequence, the big
interests are advising purchases on the
scale pending further developments to
/ broaden the trade demand or further re-
duce the size Of the crop.
The market benefited by extensive liqul-
dation Tuesday. Bears were principal
buyers yesterday morning. Do not think
the rally will hold.
Subtreasury gained N,113.e0O from the
banks yesterday, and since Friday has
gained 5000 net.
Simmons & Slade-we believe the mar
ket is temporarily oversold. and think a
pretty fair rally is in sight.
New England Coast swept by heavy
storm with much damage to shipping.
Southern Railroad for year surplus in
crease 81, So. Chicago Great Western for
year surplus increased s1.O6l, 40. Western
| Union reports for quarter ended Septem-
her 90, partly estimated, surplus increase,
SSl5, and for eight months decreased Sl6.-
9N. Postal Telegraph Company. alleging
Chesapeake and Potomac Telephone Com
pany is diverting business to its rival,
asks separation OF American Telephone
and Western Union companies. Conscls
in London up Lie.
Moler-There was such large borroSing
demand for stocks in the loan crowd. par
ticularly Steel. after the close yesterday.
many were anticipating some rally in
prices from the opening today. but there
seems to be nothing as yet to warrant
the undertaking Of a fresh bull move
ment.
VI 7 n.,,-
liquidation and more short selling than
on Tuesday. There was active covering
on the weak spots yesterday and this
put the bear crowd in q strong position.
american Can seems to be suffering
from recent liquidation and traders are
bearing il for that reason. Since October
Steel daily orders averaged 2.O0O tc
500 tons over same period last year.
A conference OF railroad presidents
with officials of the Interstate Commerce
Commission was held behind closed doors
a: the New Willard. The subject of the
physical valuation OF railroads under
the new law was taken up and there was
4 general exchange Of views.
r & G. Randolph 10 W. y. TIibbs
& Gothic stock market rallied sharply
at the opening under the influence Of
higher London prices, probably mostly
on covering. Inc snort interest mas III
creased materially during the last few
days, Judging from the borrowing de-
mand. At the higher level however.
stocks came out freely and the market
reacted and grew extremely dull Later
strength again developed with buying
Of Reading. Interboro preferred, Can,
and Steel common the features. Anal
Gamated has been a strong feature
also. The market at this level gives
ht1t
there does not seem to be anything
special to encourage buying other than
the extended short interest. The prob
able advance in the Bank of England
rate to 5l-2 or even per cent, the
Mexican situation and the mass OF
ignorant and uneconomic legislation
pending in Congress, are surely enough
to account for the comparatively mod
crate decline since the early part Of the
month. Peoples Gas declared quarterly
dividend of per cent. payable Novem-
Der 25 to stock OF record October ..
The last dividend was l 3-4.
The case Of Missouri. Kansas and
Texas Railway Company &c. VS.. United |
States No. 439, involves the question |
whether a railroad company which keeps |
a train crew on duty for a longer period |
Of than that allowed by the hours of
service act is liable to pay as many |
penalties as there are employed in the
train crew, or merely one for the crew |
as a unit
The question whether the amount Of
the penalty or penalties recoverable by |
the government in such a case is to be |
assessed by the court or the jury is also |
involved 4
The brief OF the government was filed |
today.
Missouri Pacific Railroad Is letting out |
contracts for the construction of 100 all |
steel passenger cars. These cars Will |
be the heaviest type of steel construc-
ton and will have six-wheel trucks.