The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-26
SMALL CHANGES
IN STOCK LIST
Chesapeake & Ohio and Cop
per Were Under Severe
Pressure and Lower.
MAY APPROVE u. P. PLAN
Reported That Attorney General Has
No Objeetions-Gas and Rail-
way Leaders.

By L. A. FLEMING.
Yesterdays stock market was neither
especially discouraging nor Yet the re-
verse. There were some gains, some
declines, and many stocks that showed
comparatively little net change. The
opening was strong, and higher prices
prevailed during the first hour and for
part of the second hour. Special weak
ness in Amalgamated Copper ana Cnes-
apeake and Ohio shares proved the turn
ing point in the show OF strength. and
gave tie list a hackset, but the chances
of an agreement on the part or the At
torney General IL the Union PACING case
gave it a better closing.
1t is generally believed that the attl-
tude Of the Administration toward ousi-
ness at this time. the encouraging trend
that IS evidently popular and fashion,
able, may he sufficient 10 turn the Union
Pacific scale in the way OF the Union
Pacific to the elimination of this most
important problem.
One dav Copper is a market leader
and the next it is the butt of the bears
attacks. Tuesday everything was Cop
per's way London was much nlgner,
brave predictions were made as TO It's
future, and higher prices were freely
predicted. Yesterday everything that
happened the previous day was taken
back. Copper market glutted ana stock
sold by London from the start Result
a drop OF 2es IN Copper. Naturally, the
whole list was affected by this weakness.
and when Smelling, the tirst cousin OF
copper. dropped IA points. there was no
holding OF theTest OF the list
c. & o. Raided.
The street did not like the outlook for
the Chesapeake and Ohio statement Tor
MAY. and furthermore, there was a ru-
NOR of a possible sl5.0OO,ooo bond issue
needed to rehabilitate the property. This
report, with the May prospects. knocked
the stock off points. Much Of the SELL
ing was by professionals, nor was there
any real evidence that anything like the
fifteen millions would be needed. 1t was
lust rumors and was sufficiently affect
i've at that.
Canadian Pacific was higher and lower.
ending with l-2 loss. Reading started
at rs advance at l5S L., lost the gain and
practically closed steady. Union Pa
cifc displayed good rallying power after
a decline from 147. the high. to li5 IS
The chances for the approval of the
plans so far made by the Union Pacific
and Pennsylvania Company for exchange
of stock and for prolonging the time for
the sale of the Southern Pacific stock are
considered good, and this was response
BILE for the show of strength at the close.
when Tuesdays figures were reached in
a practically weak market
Closing Irregular.
The closing of the session was attended
with some irregularity but the net re-
suits of the day were neither satisfac-
tory to the bulls nor yet to the bears.
If an announcement is made during
Thursday of the approval of the Union
Pacific plan, it will have a good effect
on the list.
Money was easier. call loans being
made down 10 S-4a1 IS per cent.
Important factors in national finance
have presented their views TO the Presi-
dent and it is possible that he may find
their arguments conclusive in certain
matters, sufficiently so to warrant
changes. The retirement of the National
bank currency is suggested. certainly
the biggest measure undertaken by the
administration, if it attempts it. There
are SIO0,OOO.000 of . per cent bonds back
Of this currency. Without the circulation
privilege they would not be worth more
than about 20. With it they are quoted
at par.
Local Securities.
Washington Gas and Railway common
continue to monopolize the interest on
the local market. Gas did not advance
yesterday. Railway common did. Gas sold
at 81 to 81 Il to 81 Is. The appraisement
story has been quite generally known on
change for some time. and while il may
have strengthened the stock it furnishes
no reason for the sharp betterment.
Railway common sold at 80 TO 90 1-2,
closing with 9el-4 bid. The preferred
sold at IS Sass IT,
Capital Traction nominal, offered at
III 3-4, with III bid.
federal National Bank, 135; Mergen-
thaler. pa IA
Traction SIS. los IA. Columbia IS par.
The bono market was slow.
Desirable Bond Issue.
Cities Service Company. the leading
public utility holding company in the
Group of public utility corporations oper-
ated and managed by Henry L. Doherty
& Co, of New York City, is making a
public offering. through these bankers, of
100000 per cent five-year convertible
coupon notes at par and interest from the
date of the notes on May Is. 1913 The
notes are redeemable at 102 and interest
on thirty days notice.
There is an authorized issue of $1,000 |
900 but only 5000. 900 have been issued of
which sS,cOO0OG We're absorbed by British |
pubic last month. Besides the large
equities back of these notes there are |
the additional features OF convertibility at |
any time into the per cent preferred
stocks Of Cities Service Company The
notes are in denominations of 500, $500 |
and $1,000. SO that the small. as well as |
the large, investor has an opportunity |
to acquire an investment which will net |
per cent for five years. Cities Service |
Company was organized less than three
years ago, and has acquired substan- |
tally all the common stock of the Dem |
yer Gas and Electric Company, the EN- |
pire District Electric Company, OF Mis- |
souri,: Brush Electric Company, of GAL
weston, Tex; the Danbury and Bethel |
Comm Gas and Electric Company, the
Empire District Gas Company. of Kan
sas, and a contract for the acquisition
of 81 per cent of the common stock of
the St. Joseph (Mo) Railway, Light,
Heat, and Power Company.
Cities Service Company has shown
nothing but advance in growth in earn
ings and in dividends since its organi-
zation. 1t has paid dividends monthly
at the rate of per cent per annum on
the preferred stock since organization.
The common stock started on a per
cent basis until December 81, 1911, when
the rate became 4 per cent, and per
cent has been paid since the beginning
OF 1913. Earnings last year were equal
to SO per cent on the outstanding COM
mon shares. and for the four months of
earnings which for the full year will be L