The Washington herald., 1913-11-19
STEADY MARKET;
some ADVANCES
/. Wall Street Waits for Some
thing Favorable to Start
the Ball Rolling.
LIQUIDATION IS OVER
Locals Slow-Dividends Paid to Com
mon Shareholders of Railway
\ Since Organization.
LIQUIDATION Is OVER
BY I. A. FLEMING.

BY I. A. FLEMING.
Wall Street was apparently just as
tired yesterday as il was on Monday,
but II enjoyed a better undertone and
the price fluctuations were generally in
upper movements, but not important,
while the closings We're as near as pos
sible in the pegs at which Mondays clos
ing left them
London came higher and the opening
here reflected the action, and the ad-
vance quickly developed the fact that the
shorts were Indifferent; also that there
wasn't much stock pressing TO sale.
When five hours can pass with 10000
shares sold, the dullness is nearly thick
enough to cut.
1t appears very much like a case of
waiting out this Mexican proposition, to
intervene or to keep on with a line OF
inaction, that may any day be forced
into action Real action would probably
not affect the market seriously.
The easing of the money market was a
= matter of Importance and renewals as
low as per cent and on a 3aS1s basis
might ordinarily have been expected with
prices in their present low points, to
cause a sharp upturn, but everybody is
waiting for something to happen.
Strong spots
The strong spots in the list-St Paul
with one-half advance: Copper, with five
eighth gain; New Haven with an ad-
vance Of a point the successful
hancing operation, although whether sue
cessful or not depends IN the rate, said
to be per cent, which would not be a
subject of congratulation for any rail-
road, unless especially hard pressed.
Texas Oil scored a 4-point gain and
Western Maryland came through the
session with point betterment Can
adian Pacific gained one-half while
Western Union made a three-Quarter ad
vance.
That these gains were held entities the
market to be called stronger than on
Monday.
Peoples Gas was the only weakling on
the list, and this was depressed by reason
of the new block of stock to be marketed,
the time not being considered especially
propitious. 1t dropped SIS. The leaders
on the list closed a small fraction higher.
The news of the day was not important
one way or the other. Investigation CT
the United Cigar Stores and a Sherman
law suit against the Wholesale Jewellers
Association would seem to indicate that
even luxuries do not count for much in
the minds of the administration forces.
Primer on Rates.
The Pennsylvania Railroad, and pre-
sumably other lines. nave started a new
campaign of education" They have had
prepared a series OF posters TO be issued
all over the territory covered to show
why railroads ask per cent increase
in freight rates" Freight rates. the
poster says, have practically stood still
for many years. Meanwhile wages have
been increased. taxes have been increas-
ing at an extraordinary pace the cost Of
capital steadily rising, and with added
lie yaf1Y of do
clining THE railroad performs public
service" the poster continues. For that
service il collects freight rates and pas
senger fares-and Immediately pays a
very large portion Of the money back TO
the public in: ''Wages-The Pennsylvania
Railroad system paid out S1SS.749,Sl2 in
wages last year. Purchases of materials
The Pennsylvania Railroad system paid |
out $14.S 4.S23, ,2O6 in taxes last year. Rail !
roads seek public support. The proposed |
increase is very moderate and will bear |
but lightly upon any particular unit of |
traffic. Ii the railroads are to have the |
necessary funds with which to provide |
the transportation facilities absolutely re- |
CURED for the proper development of this |
country, this increase in rates is neces- |
sary; and as the commercial health OF !
the United States is so inextricably inter
woven with the soundness of its trans
portation system, II is noDed that this |
increase in rates will receive the support |
of that public whom it is the duty of the
railroads to serve"
Local Securities.
There was less than the usual amount
of interest shown in the limited move
ment on the local exchange. The neg
lect of railway shares during the inves-
tigation and the apparent end of the
liquidation in Capital Traction were the
noticeable features. few odd lots
Cf Capital Traction sold to 1l3. which was
) points above where the stock was Of
fered a few days ago. The official clos
ing bid was 111A.
Railway common. nominal; SO BID. 80
asked; preferred 81 bid, and 80 asked.
United States Trust 125. Continental liza
Ilnk.
chapin-sacks 16O bid. 200 asked. with no
prospect of a trade in sight
Chesapeake and Potomac Telephone IS
1O3
That there has been no pressure on
shares indicates either confidence
in the outcome of the investigation or
that the stock is held very closely. The
common stock is very largely locked
away; the preferred stock is not likely
to be affected one way or the other.
Naturally the books of the Washington
Railway and Electric Company are volu-
NOs cElIl5 lTdHSdGIlOnS Ine
eleven years since the one or two good I
properties and several losers were welded
into the Washington Railway and Elec-
tric Company.
They will also show that the company !
was chartered February /, 1902, that the j
shareholders did not receive /
any dividend until 1901, since which time :
they have received per cent
Dividends Paid.
The common shareholders received no :
dividend until December. 1909. or after {
seven years waiting. This was but / I
per cent. In 1910 per cent was paid and I
per cent in 1911 In 1872 per cent. I
This shows that the common share !
holders in practically ten years received :
per cent, or less than l per cent a year. \
This year the dividend was raised to
per cent and the / per cent extra de-
:lared. This would make the distribution
N eleven years Is per cent, or a little
more than La per cent per annum.
The appointment of a street railway o
nan to the head Of the company follow
ng the resignation of Mr.. Norment was =
'esponsible for a reduction in operating ),
expenses from dZ7 per cent in 1910 to i
i.3s per cent In 1872 p
Atlantic Coast Line. y