The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-07-16

Inc ulTeCtOTS VI avenue
Railway system today declared the full
21-2 per cent semi-annual interest on
its 81. 20, 900 adjustment mortgage in
come bonds. In March 1 IA per cent
was declared payable April I. to cover
the six months ended December 81, 49,.
The Southern Pacific Company and its
proprietary company's reports for the
year ended June 30 last. as follows.
Operating revenue increase. Nl.z2i, 5sy.
Operating expenses increase, S6.7l6. soi.
Surplus for dividends increase. A.35s. 737.
All leading selling agencies. Amalga-
mated. American Smelling. apd
equivalent to II IA cents, the lowest
quotation on the present movement
Small dealers are offering at Il Is
cents. Demand for the metal Is small
The American Company Is preparing
to put a new product on the market this
fall 1t is a cheap although serviceable
change making machine.
The net earnings OF the company for
the first six months of this year proved
breaking and the prospects for the sec
ond half are excellent. Net earnings
are expected to be at least s.. 500, 900 for
the year or about 100000 better than
in 1872. the best previous year. This
amount will cover the bond interest,
sinking fund and preferred dividend re-
quirements. allow payments of the re-
mainder OF the accumulated dividends on
preferred stock and show q small surplus
for the common.
again came forward and endeavors to cor
rect anything that hurts the business
Of the country. and the quick action re-
garding the conductors and trainmen's
strike shows this. Gradually we hope
to get over our troubles and while II
will take a long time yet present prices
will be called bargain prices in time.
Conductors. brakemen and yardmen of
the Southern Pacific threate.. to strike
unless the railroad officials allow en-
ployes or trans-bay electric systems to
work on the same basis as the employees
OF the steam roads. More than 5000 men
are involved. Negotiations with the COM
pany have been broken off.
officials Of the railway organizations
have been authorized to take a strike
vote returnable not later than July II
or conductors and brakemen and yard
men over the entire electric and steam
systems.
Attorney General says no conclusion
has been reached as to instituting pre-
ceedings against the American Smelling
& Refining Company for violation Of the
antitrust law.
Investment firms are somewhat encour-
aged by the fact that while many new
low records for bonds were made last
week, there were some fair advances.
and in the recent past upward of s45.-
100000 in new issues have been placed
with the public.
well-informed interests expect only
limited further engagements of gold for
Paris account in the near future.
Floor gossip indicates strong buying Of
copper when offered down by traders on
the reduction in metal prices and in SYM
pathy with Shelters. where bad Mexican
conditions were the chief arguments.
pect the offering Of Southern Pacific trus-
tee certificates for subscription Will be
on a basis Of IS to 80. with two dividends
added.
A conservative broker attributes the
recent stubborn firmness OF Steel partly
to a quiet absorption by investors who
figure that the stock will pay good aver
age dividends on the present cost. and
that in any event II IL cheap enough to
buy.
z. & c. Randolph-Transaction in the
stock market show a small increase. The
market seems to be liquidated. at least
for the time being, but there is no in
vestment demand, and transactions are
practically entirely between traders and
represent nothing. What market there is
is absolutely natural, and there is no evil
dence of manipulation either to protect
or depress prices. The Rumely securities
made new low records. and the bond
market conditions remain unimproved.
Six months' time money on the best class
of securities is per cent bid. with prac-
tically none in sight. No more gold has
been engaged for Paris. although more
is expected to go later in the week. The
supply Of bars in the New York SUBJ
treasury is practically exhausted, but
there is plenty available in Philadelphia
ot the Same price nina The cosf NJ trans