The Washington herald., 1913-02-18
STOCKS HEAVY,
PRICES Lower
Market Recedes on Report Of
J. P. Morgan's Illness
in Egypt.
SHORT RALLY ENSUES
Price. Crumble When Announcement
of Pennsylvania Stock Issue
Reaches Exchange.
SHORT RALLY ENSUES
by I. 4. FLEMING.

Stocks were dull and heavy to-day
throughout the session. They were in
iluenCed in the early trading by re-
port of ]. p. Morsan's illness in Egypt
which was afterward denied The repor,
had various versions. one of them being
that he had developed serious illness
and had departed in haste from Cairo
IN care of nurses and physician. When
the official denial of the story came
about noon the market rallied a point
Then the Pennsylvania stock issue was
announced and heavy selling began again
in which Missouri Pacific showed special
weakness. American Can stood firm
nearly all day. The chief disturbing
feature of the situation seemed to be the
Balkan war with Turkey. London being
at white heat of worry lest II will speed
lily extend to Austria and Russia.
Pennsylvania stock Issue.
Il is learned that the amount of stock
I" he offered to stockholders for sub
sCription at par by the Pennsylvania
Railroad Company will he approximate
~ S4J,nn@0 The money is to he ap-
piled toward payment for the new equip
ment which has just been ordered.
No part OF the proceeds will be used
in connection with the possible alter
alton of the company's terminal at
understood that it has not been def
nitely decided as yet JUS what the
changes in the companys terminal will
he. although II is rumored that an Office
huldinS will he erected over the pres
"nt station. 1t is pointed out that the
road is losing money each year on its
Thlrty-second Street property, and 1t
Is hoped that rentals which would be
received from an Office building would
Rf
heavy charges of the present station.
In case the management decides def
nltelr upon these alterations. the cost
of the new project will be financed in
dependently of the present proposed
stock offer.
Baltimore Gas Profits.
In a statement issued by President J.
F.. Aldred, OF the Consolidated Gas.
Electric Light and Power Company. Of
Baltimore. IN connection with the sale of
SSH 900 OF the corporations 1-2 per cent
general mortgage bonds, il is shown that
the gross and net earnings Of the COM
pany for the six months from July | to
December 81, 1872 increased as compared
with the corresponding period OF the pre-
Nious year
During the six months referred to the
gross income of the gas company in
cent, and tn" net about IL per cent.
"r sufficient to bring the net income dur
ing the calendar year 1872 to more than
double fixed charges.
The fScal year IF the gas company
ends June 90. and the annual report OF
the company for the twelve months will
be issued some time in October. The
gross earnings Of the gas company for
the fiscal year 1872 were s.. 49, .2S7. while
charges Of the company totaled s1.4l7. .267,
leaving surplus of Sl.p5,l32 for the
year.
Rubber Company Assigns.
The New York Commercial Company.
which went into the hands of a receiver
yesterday, mace statement. in which
il is stated that the company felt ii to
lhe interest OF creditors TO consent to
receivership not on the ground of in
solvency, but to preserve its assets. This
step, it was stated, is on account of
large payments falling due next week
which the company could not make in
view of certain banking facilities being
suddenly WITHDRAWN. The company pur-
poses TO call meeting of creditors TO
show that its assets exceed liabilities
and for tire purpose of determining what
further action they may require A rep
rescHtative of the company stated posi-
lively that dollar for dollar would be
paid to creditors.
The company is capitalized for $500
CHn. and deals in crude rubber Adelbert
n. Alden is ITS president He also is con-
n"Ctcd with George II Alden & Co. If
Boston. also with 4. n. Alden, of Lon
don and Liverpool. He is vice president
# the New York Produce Exchange
Bank. The New York Commercial Com
Jany controls the Seamless Rubber Com
psny. which has been hard pressed by
The l-nifcd States Rubber ComnanN %